DDM Analysis: NNCL.BK

Valuation Snapshot

Stable Growth	$1.38 - $2.20	$1.75
Multi-Stage	$1.71 - $1.86	$1.78
Blended Fair Value	$1.77
Current Price	$1.30
Upside	35.97%
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	4.10%	3.80%	0.11	0.10	0.10	0.16	0.07	0.09	0.08	0.04	0.00	0.00
YoY Growth	-	-	10.00%	-6.69%	-34.79%	112.79%	-14.18%	12.50%	116.22%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	6.48%	4.95%	5.14%	6.41%	2.87%	6.08%	4.22%	2.13%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	273.89
(-) Cash Dividends Paid (M)	225.30
(=) Cash Retained (M)	48.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.78	34.24	20.54
Cash Retained (M)	48.59	48.59	48.59
(-) Cash Required (M)	-54.78	-34.24	-20.54
(=) Excess Retained (M)	-6.19	14.35	28.05
(/) Shares Outstanding (M)	2,134.66	2,134.66	2,134.66
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	2.18%	3.18%	4.18%
Fair Value	$1.38	$1.75	$2.20
Upside / Downside	5.98%	34.75%	69.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	273.89	282.59	291.57	300.83	310.39	320.25	329.85
Payout Ratio	82.26%	83.81%	85.36%	86.90%	88.45%	90.00%	92.50%
Projected Dividends (M)	225.30	236.83	248.87	261.43	274.54	288.22	305.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	2.18%	3.18%	4.18%
Year 1 PV (M)	213.63	215.72	217.81
Year 2 PV (M)	202.49	206.47	210.49
Year 3 PV (M)	191.87	197.55	203.35
Year 4 PV (M)	181.74	188.96	196.40
Year 5 PV (M)	172.10	180.69	189.62
PV of Terminal Value (M)	2,683.61	2,817.53	2,956.74
Equity Value (M)	3,645.44	3,806.93	3,974.41
Shares Outstanding (M)	2,134.66	2,134.66	2,134.66
Fair Value	$1.71	$1.78	$1.86
Upside / Downside	31.36%	37.18%	43.22%

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Nava Nakorn Public Company Limited (NNCL.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener