DDM Analysis: NTSC.BK

Valuation Snapshot

Stable Growth	$8.46 - $13.07	$10.60
Multi-Stage	$18.58 - $20.48	$19.51
Blended Fair Value	$15.06
Current Price	$5.70
Upside	164.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.22	0.00	3.68	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.08%	0.00%	133.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.41
(-) Cash Dividends Paid (M)	16.00
(=) Cash Retained (M)	98.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.88	14.30	8.58
Cash Retained (M)	98.41	98.41	98.41
(-) Cash Required (M)	-22.88	-14.30	-8.58
(=) Excess Retained (M)	75.53	84.11	89.83
(/) Shares Outstanding (M)	124.88	124.88	124.88
(=) Excess Retained per Share	0.60	0.67	0.72
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.60	0.67	0.72
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.46	$10.60	$13.07
Upside / Downside	48.49%	85.98%	129.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.41	113.27	112.13	111.01	109.90	108.80	112.07
Payout Ratio	13.98%	29.19%	44.39%	59.59%	74.80%	90.00%	92.50%
Projected Dividends (M)	16.00	33.06	49.78	66.16	82.20	97.92	103.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.73	31.05	31.36
Year 2 PV (M)	43.02	43.90	44.79
Year 3 PV (M)	53.15	54.79	56.47
Year 4 PV (M)	61.39	63.93	66.55
Year 5 PV (M)	67.98	71.52	75.20
PV of Terminal Value (M)	2,064.28	2,171.77	2,283.70
Equity Value (M)	2,320.54	2,436.95	2,558.07
Shares Outstanding (M)	124.88	124.88	124.88
Fair Value	$18.58	$19.51	$20.48
Upside / Downside	226.00%	242.35%	259.37%

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Nutrition SC Public Company Limited (NTSC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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