DDM Analysis: BTS-R.BK

Valuation Snapshot

Stable Growth	$1.99 - $3.27	$2.56
Multi-Stage	$6.22 - $6.87	$6.54
Blended Fair Value	$4.55
Current Price	$3.06
Upside	48.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.13	0.26	0.26	0.37	0.35	0.27	0.25	0.38	0.48
YoY Growth	-	-	-100.00%	-48.48%	0.03%	-31.09%	7.50%	30.70%	4.68%	-32.55%	-21.25%	25.37%
Dividend Yield	-	-	0.00%	3.01%	3.45%	3.01%	3.99%	3.07%	2.20%	2.88%	4.43%	4.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,828.03
(-) Cash Dividends Paid (M)	2.65
(=) Cash Retained (M)	2,825.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	565.61	353.50	212.10
Cash Retained (M)	2,825.38	2,825.38	2,825.38
(-) Cash Required (M)	-565.61	-353.50	-212.10
(=) Excess Retained (M)	2,259.77	2,471.88	2,613.28
(/) Shares Outstanding (M)	15,815.70	15,815.70	15,815.70
(=) Excess Retained per Share	0.14	0.16	0.17
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.14	0.16	0.17
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	5.06%	5.06%	5.06%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.99	$2.56	$3.27
Upside / Downside	-35.09%	-16.44%	6.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,828.03	2,799.75	2,771.75	2,744.03	2,716.59	2,689.43	2,770.11
Payout Ratio	0.09%	18.07%	36.06%	54.04%	72.02%	90.00%	92.50%
Projected Dividends (M)	2.65	506.05	999.39	1,482.81	1,956.46	2,420.48	2,562.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.06%	5.06%	5.06%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	476.82	481.69	486.56
Year 2 PV (M)	887.28	905.48	923.86
Year 3 PV (M)	1,240.43	1,278.79	1,317.94
Year 4 PV (M)	1,542.13	1,606.04	1,671.93
Year 5 PV (M)	1,797.70	1,891.31	1,988.78
PV of Terminal Value (M)	92,482.45	97,298.22	102,312.55
Equity Value (M)	98,426.81	103,461.53	108,701.61
Shares Outstanding (M)	15,815.70	15,815.70	15,815.70
Fair Value	$6.22	$6.54	$6.87
Upside / Downside	103.38%	113.78%	124.61%

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BTS Group Holdings Public Company Limited (BTS-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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