DDM Analysis: TSTE.BK

Valuation Snapshot

Stable Growth	$3.03 - $4.50	$3.73
Multi-Stage	$5.50 - $6.05	$5.77
Blended Fair Value	$4.75
Current Price	$10.90
Upside	-56.44%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.97%	0.96%	0.10	0.21	0.21	0.18	0.16	0.16	0.13	0.06	0.05	0.19
YoY Growth	-	-	-50.00%	0.00%	14.29%	9.38%	0.00%	23.08%	116.67%	29.60%	-75.56%	108.33%
Dividend Yield	-	-	0.78%	2.07%	2.49%	2.51%	2.35%	2.19%	1.93%	0.83%	0.60%	1.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.91
(-) Cash Dividends Paid (M)	38.33
(=) Cash Retained (M)	100.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.78	17.36	10.42
Cash Retained (M)	100.58	100.58	100.58
(-) Cash Required (M)	-27.78	-17.36	-10.42
(=) Excess Retained (M)	72.80	83.22	90.16
(/) Shares Outstanding (M)	373.33	373.33	373.33
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.30	0.33	0.34
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-1.84%	-0.84%	0.16%
Fair Value	$3.03	$3.73	$4.50
Upside / Downside	-72.24%	-65.78%	-58.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.91	137.74	136.57	135.42	134.28	133.14	137.14
Payout Ratio	27.60%	40.08%	52.56%	65.04%	77.52%	90.00%	92.50%
Projected Dividends (M)	38.33	55.20	71.78	88.08	104.09	119.83	126.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-1.84%	-0.84%	0.16%
Year 1 PV (M)	50.68	51.20	51.72
Year 2 PV (M)	60.52	61.76	63.01
Year 3 PV (M)	68.18	70.29	72.43
Year 4 PV (M)	73.99	77.05	80.20
Year 5 PV (M)	78.21	82.27	86.50
PV of Terminal Value (M)	1,720.85	1,810.32	1,903.46
Equity Value (M)	2,052.42	2,152.88	2,257.33
Shares Outstanding (M)	373.33	373.33	373.33
Fair Value	$5.50	$5.77	$6.05
Upside / Downside	-49.56%	-47.09%	-44.53%

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TSTE Public Company Limited (TSTE.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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