DDM Analysis: 2S.BK

Valuation Snapshot

Stable Growth	$3.81 - $12.20	$6.15
Multi-Stage	$3.01 - $3.28	$3.14
Blended Fair Value	$4.64
Current Price	$2.20
Upside	111.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.65%	11.25%	0.19	0.30	0.25	0.48	0.06	0.11	0.13	0.10	0.10	0.05
YoY Growth	-	-	-36.67%	22.23%	-48.57%	733.32%	-50.00%	-11.89%	32.41%	0.00%	80.00%	-16.67%
Dividend Yield	-	-	8.80%	9.74%	7.82%	9.09%	1.18%	8.36%	6.81%	3.00%	2.18%	3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.04
(-) Cash Dividends Paid (M)	60.50
(=) Cash Retained (M)	18.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.81	9.88	5.93
Cash Retained (M)	18.54	18.54	18.54
(-) Cash Required (M)	-15.81	-9.88	-5.93
(=) Excess Retained (M)	2.73	8.66	12.61
(/) Shares Outstanding (M)	550.00	550.00	550.00
(=) Excess Retained per Share	0.00	0.02	0.02
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.00	0.02	0.02
(=) Adjusted Dividend	0.11	0.13	0.13
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	4.65%	5.65%	6.65%
Fair Value	$3.81	$6.15	$12.20
Upside / Downside	72.98%	179.37%	454.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.04	83.51	88.23	93.22	98.49	104.06	107.18
Payout Ratio	76.54%	79.24%	81.93%	84.62%	87.31%	90.00%	92.50%
Projected Dividends (M)	60.50	66.17	72.28	78.88	85.99	93.65	99.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	4.65%	5.65%	6.65%
Year 1 PV (M)	60.79	61.37	61.95
Year 2 PV (M)	61.01	62.18	63.37
Year 3 PV (M)	61.17	62.94	64.74
Year 4 PV (M)	61.26	63.64	66.08
Year 5 PV (M)	61.30	64.28	67.38
PV of Terminal Value (M)	1,347.47	1,413.09	1,481.24
Equity Value (M)	1,653.00	1,727.51	1,804.77
Shares Outstanding (M)	550.00	550.00	550.00
Fair Value	$3.01	$3.14	$3.28
Upside / Downside	36.61%	42.77%	49.16%

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2S Metal Public Company Limited (2S.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener