DDM Analysis: VRANDA.BK

Valuation Snapshot

Stable Growth	$1.96 - $3.07	$2.47
Multi-Stage	$4.73 - $5.20	$4.96
Blended Fair Value	$3.72
Current Price	$4.46
Upside	-16.68%
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	0.00%	0.00%	0.00	0.00	0.00	0.10	0.10	0.32	0.16	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-68.52%	97.62%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	1.60%	1.46%	6.84%	1.61%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.72
(-) Cash Dividends Paid (M)	39.96
(=) Cash Retained (M)	25.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.14	8.22	4.93
Cash Retained (M)	25.76	25.76	25.76
(-) Cash Required (M)	-13.14	-8.22	-4.93
(=) Excess Retained (M)	12.62	17.55	20.83
(/) Shares Outstanding (M)	320.09	320.09	320.09
(=) Excess Retained per Share	0.04	0.05	0.07
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.04	0.05	0.07
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.96	$2.47	$3.07
Upside / Downside	-55.95%	-44.57%	-31.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.72	65.07	64.42	63.77	63.13	62.50	64.38
Payout Ratio	60.80%	66.64%	72.48%	78.32%	84.16%	90.00%	92.50%
Projected Dividends (M)	39.96	43.36	46.69	49.95	53.13	56.25	59.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	40.42	40.83	41.24
Year 2 PV (M)	40.57	41.40	42.24
Year 3 PV (M)	40.45	41.71	42.98
Year 4 PV (M)	40.12	41.78	43.49
Year 5 PV (M)	39.59	41.65	43.80
PV of Terminal Value (M)	1,312.05	1,380.37	1,451.51
Equity Value (M)	1,513.20	1,587.74	1,665.27
Shares Outstanding (M)	320.09	320.09	320.09
Fair Value	$4.73	$4.96	$5.20
Upside / Downside	5.99%	11.22%	16.65%

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Veranda Resort Public Company Limited (VRANDA.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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