DDM Analysis: TMILL.BK

Valuation Snapshot

Stable Growth	$0.88 - $1.36	$1.11
Multi-Stage	$2.10 - $2.31	$2.20
Blended Fair Value	$1.65
Current Price	$2.20
Upside	-24.79%
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	-21.17%	-0.21%	0.07	0.20	0.20	0.19	0.18	0.22	0.14	0.21	0.13	0.06
YoY Growth	-	-	-66.67%	0.00%	5.00%	5.26%	-17.39%	53.33%	-30.11%	56.36%	140.02%	-20.00%
Dividend Yield	-	-	3.86%	5.41%	5.22%	4.87%	5.39%	9.01%	4.85%	6.31%	3.89%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.80
(-) Cash Dividends Paid (M)	19.93
(=) Cash Retained (M)	19.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.96	4.98	2.99
Cash Retained (M)	19.87	19.87	19.87
(-) Cash Required (M)	-7.96	-4.98	-2.99
(=) Excess Retained (M)	11.91	14.89	16.88
(/) Shares Outstanding (M)	413.62	413.62	413.62
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.21%	-1.21%	-0.21%
Fair Value	$0.88	$1.11	$1.36
Upside / Downside	-59.83%	-49.72%	-38.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.80	39.32	38.84	38.37	37.91	37.45	38.57
Payout Ratio	50.08%	58.07%	66.05%	74.03%	82.02%	90.00%	92.50%
Projected Dividends (M)	19.93	22.83	25.66	28.41	31.09	33.71	35.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.21%	-1.21%	-0.21%
Year 1 PV (M)	21.26	21.48	21.69
Year 2 PV (M)	22.24	22.70	23.16
Year 3 PV (M)	22.93	23.65	24.37
Year 4 PV (M)	23.37	24.34	25.34
Year 5 PV (M)	23.59	24.82	26.11
PV of Terminal Value (M)	754.75	794.14	835.15
Equity Value (M)	868.15	911.12	955.83
Shares Outstanding (M)	413.62	413.62	413.62
Fair Value	$2.10	$2.20	$2.31
Upside / Downside	-4.59%	0.13%	5.04%

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T S Flour Mill Public Company Limited (TMILL.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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