DDM Analysis: SCAP.BK

Valuation Snapshot

Stable Growth	$1.43 - $2.35	$1.84
Multi-Stage	$4.34 - $4.79	$4.56
Blended Fair Value	$3.20
Current Price	$1.29
Upside	147.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-14.30%	0.00	0.31	0.07	0.12	0.19	0.00	0.00	0.00	0.01	0.01
YoY Growth	-	-	-99.28%	360.60%	-41.43%	-37.78%	0.00%	-100.00%	5.02%	-91.43%	0.00%	0.00%
Dividend Yield	-	-	0.19%	11.27%	1.30%	2.33%	2.93%	0.00%	0.03%	0.01%	0.41%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	853.18
(-) Cash Dividends Paid (M)	15.27
(=) Cash Retained (M)	837.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	170.64	106.65	63.99
Cash Retained (M)	837.92	837.92	837.92
(-) Cash Required (M)	-170.64	-106.65	-63.99
(=) Excess Retained (M)	667.28	731.27	773.93
(/) Shares Outstanding (M)	6,624.26	6,624.26	6,624.26
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	5.13%	5.13%	5.13%
Growth Rate	-1.95%	-0.95%	0.05%
Fair Value	$1.43	$1.84	$2.35
Upside / Downside	10.58%	42.26%	81.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	853.18	845.06	837.01	829.04	821.14	813.32	837.72
Payout Ratio	1.79%	19.43%	37.07%	54.72%	72.36%	90.00%	92.50%
Projected Dividends (M)	15.27	164.21	310.31	453.61	594.16	731.99	774.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.13%	5.13%	5.13%
Growth Rate	-1.95%	-0.95%	0.05%
Year 1 PV (M)	154.62	156.19	157.77
Year 2 PV (M)	275.12	280.76	286.46
Year 3 PV (M)	378.69	390.40	402.34
Year 4 PV (M)	467.06	486.40	506.35
Year 5 PV (M)	541.80	570.00	599.36
PV of Terminal Value (M)	26,926.64	28,328.08	29,787.27
Equity Value (M)	28,743.93	30,211.83	31,739.54
Shares Outstanding (M)	6,624.26	6,624.26	6,624.26
Fair Value	$4.34	$4.56	$4.79
Upside / Downside	236.37%	253.55%	271.43%

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Srisawad Capital 1969 Public Company Limited (SCAP.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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