DDM Analysis: ICC.BK

Valuation Snapshot

Stable Growth	$12.83 - $18.64	$15.65
Multi-Stage	$26.03 - $28.66	$27.32
Blended Fair Value	$21.48
Current Price	$25.25
Upside	-14.91%
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	-1.11%	-0.47%	0.75	0.66	0.23	0.16	0.46	0.80	0.72	0.76	0.69	0.69
YoY Growth	-	-	14.41%	185.71%	40.00%	-64.29%	-42.13%	10.01%	-4.37%	9.53%	-0.03%	-12.47%
Dividend Yield	-	-	3.44%	2.43%	1.14%	0.95%	2.42%	4.09%	3.11%	3.23%	3.13%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	779.78
(-) Cash Dividends Paid (M)	230.00
(=) Cash Retained (M)	549.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	155.96	97.47	58.48
Cash Retained (M)	549.78	549.78	549.78
(-) Cash Required (M)	-155.96	-97.47	-58.48
(=) Excess Retained (M)	393.82	452.30	491.29
(/) Shares Outstanding (M)	441.77	441.77	441.77
(=) Excess Retained per Share	0.89	1.02	1.11
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.89	1.02	1.11
(=) Adjusted Dividend	1.41	1.54	1.63
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	-3.11%	-2.11%	-1.11%
Fair Value	$12.83	$15.65	$18.64
Upside / Downside	-49.18%	-38.03%	-26.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	779.78	763.35	747.28	731.54	716.13	701.05	722.08
Payout Ratio	29.50%	41.60%	53.70%	65.80%	77.90%	90.00%	92.50%
Projected Dividends (M)	230.00	317.53	401.27	481.34	557.86	630.94	667.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	-3.11%	-2.11%	-1.11%
Year 1 PV (M)	292.21	295.22	298.24
Year 2 PV (M)	339.82	346.87	353.99
Year 3 PV (M)	375.12	386.86	398.83
Year 4 PV (M)	400.08	416.86	434.15
Year 5 PV (M)	416.41	438.35	461.20
PV of Terminal Value (M)	9,675.79	10,185.50	10,716.47
Equity Value (M)	11,499.44	12,069.66	12,662.89
Shares Outstanding (M)	441.77	441.77	441.77
Fair Value	$26.03	$27.32	$28.66
Upside / Downside	3.09%	8.20%	13.52%

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I.C.C. International Public Company Limited (ICC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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