DDM Analysis: MAJOR-R.BK

Valuation Snapshot

Stable Growth	$3.22 - $4.40	$3.82
Multi-Stage	$9.22 - $10.21	$9.71
Blended Fair Value	$6.76
Current Price	$8.50
Upside	-20.44%
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	-36.54%	-17.85%	0.15	0.83	0.66	1.11	0.39	1.49	1.38	1.40	1.32	1.21
YoY Growth	-	-	-81.47%	25.00%	-40.00%	185.72%	-74.08%	8.03%	-0.96%	5.33%	9.36%	10.39%
Dividend Yield	-	-	1.48%	5.80%	3.93%	5.53%	1.73%	11.06%	4.94%	4.90%	3.90%	4.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	529.44
(-) Cash Dividends Paid (M)	151.56
(=) Cash Retained (M)	377.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.89	66.18	39.71
Cash Retained (M)	377.88	377.88	377.88
(-) Cash Required (M)	-105.89	-66.18	-39.71
(=) Excess Retained (M)	271.99	311.70	338.17
(/) Shares Outstanding (M)	809.14	809.14	809.14
(=) Excess Retained per Share	0.34	0.39	0.42
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.34	0.39	0.42
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-8.20%	-7.20%	-6.20%
Fair Value	$3.22	$3.82	$4.40
Upside / Downside	-62.10%	-55.09%	-48.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	529.44	491.31	455.92	423.09	392.61	364.34	375.27
Payout Ratio	28.63%	40.90%	53.18%	65.45%	77.73%	90.00%	92.50%
Projected Dividends (M)	151.56	200.95	242.44	276.91	305.16	327.90	347.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-8.20%	-7.20%	-6.20%
Year 1 PV (M)	186.28	188.31	190.34
Year 2 PV (M)	208.33	212.89	217.51
Year 3 PV (M)	220.58	227.86	235.31
Year 4 PV (M)	225.33	235.31	245.62
Year 5 PV (M)	224.44	236.94	249.98
PV of Terminal Value (M)	6,396.94	6,753.04	7,124.82
Equity Value (M)	7,461.89	7,854.35	8,263.57
Shares Outstanding (M)	809.14	809.14	809.14
Fair Value	$9.22	$9.71	$10.21
Upside / Downside	8.49%	14.20%	20.15%

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Major Cineplex Group Public Company Limited (MAJOR-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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