DDM Analysis: 5347.KL

Valuation Snapshot

Stable Growth	$10.46 - $18.12	$13.75
Multi-Stage	$19.38 - $21.28	$20.31
Blended Fair Value	$17.03
Current Price	$14.38
Upside	18.41%
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	0.39%	8.10%	0.53	0.44	0.37	0.79	0.90	0.52	0.50	0.38	0.28	0.28
YoY Growth	-	-	21.13%	16.33%	-52.25%	-12.75%	73.71%	2.80%	32.94%	34.75%	0.00%	16.00%
Dividend Yield	-	-	3.84%	3.83%	4.06%	8.73%	8.89%	4.31%	3.99%	2.45%	2.00%	2.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,754.90
(-) Cash Dividends Paid (M)	2,964.60
(=) Cash Retained (M)	1,790.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	950.98	594.36	356.62
Cash Retained (M)	1,790.30	1,790.30	1,790.30
(-) Cash Required (M)	-950.98	-594.36	-356.62
(=) Excess Retained (M)	839.32	1,195.94	1,433.68
(/) Shares Outstanding (M)	5,817.25	5,817.25	5,817.25
(=) Excess Retained per Share	0.14	0.21	0.25
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.14	0.21	0.25
(=) Adjusted Dividend	0.65	0.72	0.76
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	0.18%	1.18%	2.18%
Fair Value	$10.46	$13.75	$18.12
Upside / Downside	-27.28%	-4.41%	25.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,754.90	4,810.97	4,867.69	4,925.09	4,983.16	5,041.92	5,193.18
Payout Ratio	62.35%	67.88%	73.41%	78.94%	84.47%	90.00%	92.50%
Projected Dividends (M)	2,964.60	3,265.62	3,573.32	3,887.83	4,209.26	4,537.73	4,803.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	0.18%	1.18%	2.18%
Year 1 PV (M)	3,037.62	3,067.94	3,098.26
Year 2 PV (M)	3,091.78	3,153.81	3,216.46
Year 3 PV (M)	3,129.04	3,223.68	3,320.21
Year 4 PV (M)	3,151.21	3,278.93	3,410.49
Year 5 PV (M)	3,159.93	3,320.82	3,488.21
PV of Terminal Value (M)	97,148.02	102,094.51	107,240.47
Equity Value (M)	112,717.60	118,139.69	123,774.10
Shares Outstanding (M)	5,817.25	5,817.25	5,817.25
Fair Value	$19.38	$20.31	$21.28
Upside / Downside	34.75%	41.23%	47.96%

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Tenaga Nasional Berhad (5347.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener