DDM Analysis: BA-R.BK

Valuation Snapshot

Stable Growth	$20.96 - $37.33	$27.86
Multi-Stage	$55.31 - $60.85	$58.02
Blended Fair Value	$42.94
Current Price	$12.20
Upside	251.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	69.56%	0.00%	1.10	0.50	0.00	0.00	0.10	0.08	0.30	0.50	0.70	0.45
YoY Growth	-	-	120.21%	13,468,478.57%	-7.65%	-100.00%	23.42%	-73.84%	-40.00%	-28.57%	55.56%	0.00%
Dividend Yield	-	-	5.98%	3.06%	0.00%	0.00%	1.14%	1.95%	2.52%	3.47%	3.45%	1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,278.89
(-) Cash Dividends Paid (M)	2,729.05
(=) Cash Retained (M)	549.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	655.78	409.86	245.92
Cash Retained (M)	549.84	549.84	549.84
(-) Cash Required (M)	-655.78	-409.86	-245.92
(=) Excess Retained (M)	-105.94	139.98	303.92
(/) Shares Outstanding (M)	2,100.00	2,100.00	2,100.00
(=) Excess Retained per Share	-0.05	0.07	0.14
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	-0.05	0.07	0.14
(=) Adjusted Dividend	1.25	1.37	1.44
WACC / Discount Rate	5.25%	5.25%	5.25%
Growth Rate	-0.67%	0.33%	1.33%
Fair Value	$20.96	$27.86	$37.33
Upside / Downside	71.78%	128.35%	206.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,278.89	3,289.60	3,300.35	3,311.13	3,321.94	3,332.79	3,432.78
Payout Ratio	83.23%	84.58%	85.94%	87.29%	88.65%	90.00%	92.50%
Projected Dividends (M)	2,729.05	2,782.50	2,836.27	2,890.36	2,944.78	2,999.51	3,175.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.25%	5.25%	5.25%
Growth Rate	-0.67%	0.33%	1.33%
Year 1 PV (M)	2,617.44	2,643.79	2,670.14
Year 2 PV (M)	2,509.74	2,560.53	2,611.83
Year 3 PV (M)	2,405.88	2,479.28	2,554.16
Year 4 PV (M)	2,305.77	2,400.04	2,497.17
Year 5 PV (M)	2,209.30	2,322.78	2,440.87
PV of Terminal Value (M)	104,097.84	109,444.60	115,008.83
Equity Value (M)	116,145.98	121,851.02	127,783.01
Shares Outstanding (M)	2,100.00	2,100.00	2,100.00
Fair Value	$55.31	$58.02	$60.85
Upside / Downside	353.34%	375.61%	398.76%

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Bangkok Airways Public Company Limited (BA-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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