DDM Analysis: CBG-R.BK

Valuation Snapshot

Stable Growth	$64.89 - $159.94	$96.96
Multi-Stage	$49.90 - $54.48	$52.15
Blended Fair Value	$74.55
Current Price	$54.75
Upside	36.17%
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	0.00%	11.12%	1.10	1.15	1.75	2.40	2.10	1.10	0.70	0.95	0.94	0.95
YoY Growth	-	-	-4.35%	-34.29%	-27.08%	14.29%	90.91%	57.14%	-26.32%	1.07%	-1.06%	147.78%
Dividend Yield	-	-	1.94%	1.83%	1.83%	2.22%	1.63%	1.73%	1.29%	1.49%	1.53%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,959.80
(-) Cash Dividends Paid (M)	1,400.00
(=) Cash Retained (M)	1,559.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	591.96	369.97	221.98
Cash Retained (M)	1,559.80	1,559.80	1,559.80
(-) Cash Required (M)	-591.96	-369.97	-221.98
(=) Excess Retained (M)	967.84	1,189.82	1,337.81
(/) Shares Outstanding (M)	1,000.00	1,000.00	1,000.00
(=) Excess Retained per Share	0.97	1.19	1.34
LTM Dividend per Share	1.40	1.40	1.40
(+) Excess Retained per Share	0.97	1.19	1.34
(=) Adjusted Dividend	2.37	2.59	2.74
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	5.02%	6.02%	7.02%
Fair Value	$64.89	$96.96	$159.94
Upside / Downside	18.53%	77.09%	192.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,959.80	3,138.00	3,326.92	3,527.22	3,739.58	3,964.73	4,083.67
Payout Ratio	47.30%	55.84%	64.38%	72.92%	81.46%	90.00%	92.50%
Projected Dividends (M)	1,400.00	1,752.27	2,141.88	2,572.06	3,046.27	3,568.25	3,777.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	5.02%	6.02%	7.02%
Year 1 PV (M)	1,594.58	1,609.77	1,624.95
Year 2 PV (M)	1,773.73	1,807.67	1,841.93
Year 3 PV (M)	1,938.29	1,994.18	2,051.15
Year 4 PV (M)	2,089.06	2,169.77	2,252.80
Year 5 PV (M)	2,226.82	2,334.87	2,447.09
PV of Terminal Value (M)	40,279.03	42,233.58	44,263.27
Equity Value (M)	49,901.51	52,149.84	54,481.18
Shares Outstanding (M)	1,000.00	1,000.00	1,000.00
Fair Value	$49.90	$52.15	$54.48
Upside / Downside	-8.86%	-4.75%	-0.49%

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Carabao Group Public Company Limited (CBG-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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