DDM Analysis: TSTE.BK

Valuation Snapshot

Stable Growth	$3.58 - $5.60	$4.51
Multi-Stage	$8.12 - $8.95	$8.52
Blended Fair Value	$6.52
Current Price	$10.90
Upside	-40.20%
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	-8.97%	0.96%	0.10	0.21	0.21	0.18	0.16	0.16	0.13	0.06	0.05	0.19
YoY Growth	-	-	-50.00%	0.00%	14.29%	9.38%	0.00%	23.08%	116.67%	29.60%	-75.56%	108.33%
Dividend Yield	-	-	0.78%	2.07%	2.49%	2.51%	2.35%	2.19%	1.93%	0.83%	0.60%	1.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.91
(-) Cash Dividends Paid (M)	38.33
(=) Cash Retained (M)	100.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.78	17.36	10.42
Cash Retained (M)	100.58	100.58	100.58
(-) Cash Required (M)	-27.78	-17.36	-10.42
(=) Excess Retained (M)	72.80	83.22	90.16
(/) Shares Outstanding (M)	373.33	373.33	373.33
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.30	0.33	0.34
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-1.84%	-0.84%	0.16%
Fair Value	$3.58	$4.51	$5.60
Upside / Downside	-67.12%	-58.60%	-48.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.91	137.74	136.57	135.42	134.28	133.14	137.14
Payout Ratio	27.60%	40.08%	52.56%	65.04%	77.52%	90.00%	92.50%
Projected Dividends (M)	38.33	55.20	71.78	88.08	104.09	119.83	126.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-1.84%	-0.84%	0.16%
Year 1 PV (M)	51.40	51.92	52.45
Year 2 PV (M)	62.24	63.51	64.80
Year 3 PV (M)	71.11	73.31	75.55
Year 4 PV (M)	78.26	81.50	84.83
Year 5 PV (M)	83.89	88.25	92.79
PV of Terminal Value (M)	2,684.34	2,823.89	2,969.19
Equity Value (M)	3,031.24	3,182.39	3,339.62
Shares Outstanding (M)	373.33	373.33	373.33
Fair Value	$8.12	$8.52	$8.95
Upside / Downside	-25.51%	-21.79%	-17.93%

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TSTE Public Company Limited (TSTE.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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