DDM Analysis: SKR.BK

Valuation Snapshot

Stable Growth	$20.84 - $65.35	$61.25
Multi-Stage	$8.92 - $9.75	$9.32
Blended Fair Value	$35.28
Current Price	$7.00
Upside	404.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.82%	16.83%	0.18	0.17	0.20	0.08	0.07	0.07	0.05	0.04	0.04	0.05
YoY Growth	-	-	5.81%	-14.91%	157.47%	13.42%	2.02%	42.11%	17.80%	-5.24%	-13.44%	28.65%
Dividend Yield	-	-	2.30%	1.68%	2.17%	0.56%	0.86%	1.52%	1.11%	1.06%	1.11%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	676.05
(-) Cash Dividends Paid (M)	412.69
(=) Cash Retained (M)	263.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	135.21	84.51	50.70
Cash Retained (M)	263.37	263.37	263.37
(-) Cash Required (M)	-135.21	-84.51	-50.70
(=) Excess Retained (M)	128.16	178.86	212.66
(/) Shares Outstanding (M)	2,057.26	2,057.26	2,057.26
(=) Excess Retained per Share	0.06	0.09	0.10
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.06	0.09	0.10
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.84	$61.25	$65.35
Upside / Downside	197.73%	774.94%	833.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	676.05	720.00	766.80	816.64	869.72	926.25	954.04
Payout Ratio	61.04%	66.83%	72.63%	78.42%	84.21%	90.00%	92.50%
Projected Dividends (M)	412.69	481.21	556.89	640.39	732.38	833.63	882.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	446.21	450.44	454.67
Year 2 PV (M)	478.83	487.95	497.16
Year 3 PV (M)	510.58	525.23	540.17
Year 4 PV (M)	541.45	562.28	583.69
Year 5 PV (M)	571.48	599.08	627.74
PV of Terminal Value (M)	15,792.40	16,555.18	17,347.15
Equity Value (M)	18,340.96	19,180.17	20,050.59
Shares Outstanding (M)	2,057.26	2,057.26	2,057.26
Fair Value	$8.92	$9.32	$9.75
Upside / Downside	27.36%	33.19%	39.23%

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Sikarin Public Company Limited (SKR.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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