DDM Analysis: PR9.BK

Valuation Snapshot

Stable Growth	$65.65 - $205.47	$192.55
Multi-Stage	$27.59 - $30.19	$28.87
Blended Fair Value	$110.71
Current Price	$23.10
Upside	379.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.78%	0.00%	0.45	0.30	0.14	0.11	0.14	0.14	0.63	0.06	0.06	0.00
YoY Growth	-	-	49.90%	113.53%	27.35%	-21.81%	-1.20%	-77.30%	942.58%	-0.19%	0.00%	0.00%
Dividend Yield	-	-	2.18%	1.56%	0.67%	0.90%	1.45%	2.27%	5.68%	0.52%	0.52%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	812.36
(-) Cash Dividends Paid (M)	312.81
(=) Cash Retained (M)	499.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	162.47	101.54	60.93
Cash Retained (M)	499.54	499.54	499.54
(-) Cash Required (M)	-162.47	-101.54	-60.93
(=) Excess Retained (M)	337.07	398.00	438.62
(/) Shares Outstanding (M)	786.30	786.30	786.30
(=) Excess Retained per Share	0.43	0.51	0.56
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.43	0.51	0.56
(=) Adjusted Dividend	0.83	0.90	0.96
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.65	$192.55	$205.47
Upside / Downside	184.22%	733.55%	789.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	812.36	865.16	921.39	981.28	1,045.07	1,113.00	1,146.39
Payout Ratio	38.51%	48.81%	59.10%	69.40%	79.70%	90.00%	92.50%
Projected Dividends (M)	312.81	422.24	544.58	681.04	832.93	1,001.70	1,060.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	391.54	395.25	398.97
Year 2 PV (M)	468.27	477.19	486.19
Year 3 PV (M)	543.03	558.62	574.50
Year 4 PV (M)	615.86	639.54	663.90
Year 5 PV (M)	686.79	719.96	754.40
PV of Terminal Value (M)	18,992.07	19,909.39	20,861.82
Equity Value (M)	21,697.55	22,699.95	23,739.79
Shares Outstanding (M)	786.30	786.30	786.30
Fair Value	$27.59	$28.87	$30.19
Upside / Downside	19.46%	24.98%	30.70%

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Praram 9 Hospital Public Company Limited (PR9.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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