DDM Analysis: TVO-R.BK

Valuation Snapshot

Stable Growth	$34.03 - $57.83	$44.39
Multi-Stage	$67.46 - $74.12	$70.73
Blended Fair Value	$57.56
Current Price	$25.25
Upside	127.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.23%	-0.03%	1.45	1.01	1.00	1.91	1.50	1.37	1.78	1.89	1.96	1.68
YoY Growth	-	-	43.61%	0.94%	-47.61%	27.29%	9.97%	-23.06%	-6.23%	-3.29%	16.24%	15.62%
Dividend Yield	-	-	6.75%	5.41%	3.78%	6.73%	5.20%	6.68%	7.30%	6.08%	6.43%	7.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,474.82
(-) Cash Dividends Paid (M)	1,537.17
(=) Cash Retained (M)	937.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	494.96	309.35	185.61
Cash Retained (M)	937.64	937.64	937.64
(-) Cash Required (M)	-494.96	-309.35	-185.61
(=) Excess Retained (M)	442.68	628.29	752.03
(/) Shares Outstanding (M)	887.78	887.78	887.78
(=) Excess Retained per Share	0.50	0.71	0.85
LTM Dividend per Share	1.73	1.73	1.73
(+) Excess Retained per Share	0.50	0.71	0.85
(=) Adjusted Dividend	2.23	2.44	2.58
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.23%	0.77%	1.77%
Fair Value	$34.03	$44.39	$57.83
Upside / Downside	34.79%	75.79%	129.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,474.82	2,493.93	2,513.18	2,532.59	2,552.15	2,571.86	2,649.01
Payout Ratio	62.11%	67.69%	73.27%	78.85%	84.42%	90.00%	92.50%
Projected Dividends (M)	1,537.17	1,688.14	1,841.35	1,996.82	2,154.59	2,314.67	2,450.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.23%	0.77%	1.77%
Year 1 PV (M)	1,572.19	1,587.95	1,603.70
Year 2 PV (M)	1,597.08	1,629.26	1,661.75
Year 3 PV (M)	1,612.97	1,661.96	1,711.93
Year 4 PV (M)	1,620.86	1,686.83	1,754.79
Year 5 PV (M)	1,621.69	1,704.60	1,790.87
PV of Terminal Value (M)	51,868.43	54,520.40	57,279.76
Equity Value (M)	59,893.22	62,791.00	65,802.81
Shares Outstanding (M)	887.78	887.78	887.78
Fair Value	$67.46	$70.73	$74.12
Upside / Downside	167.18%	180.11%	193.55%

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Thai Vegetable Oil Public Company Limited (TVO-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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