DDM Analysis: BMIN3.SA

Valuation Snapshot

Stable Growth	$91.74 - $331.70	$290.78
Multi-Stage	$41.83 - $45.78	$43.77
Blended Fair Value	$167.28
Current Price	$17.02
Upside	882.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.48%	0.00%	1.26	1.40	0.11	0.24	0.17	0.21	0.15	0.77	0.14	0.34
YoY Growth	-	-	-10.07%	1,206.38%	-55.47%	39.38%	-16.62%	42.51%	-81.19%	435.34%	-57.30%	0.00%
Dividend Yield	-	-	7.50%	9.56%	0.91%	1.47%	1.08%	1.42%	0.79%	6.42%	0.44%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8.05
(-) Cash Dividends Paid (M)	2.28
(=) Cash Retained (M)	5.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.61	1.01	0.60
Cash Retained (M)	5.77	5.77	5.77
(-) Cash Required (M)	-1.61	-1.01	-0.60
(=) Excess Retained (M)	4.16	4.76	5.17
(/) Shares Outstanding (M)	4.83	4.83	4.83
(=) Excess Retained per Share	0.86	0.99	1.07
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.86	0.99	1.07
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.74	$290.78	$331.70
Upside / Downside	438.99%	1,608.48%	1,848.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8.05	8.57	9.13	9.72	10.35	11.03	11.36
Payout Ratio	28.32%	40.65%	52.99%	65.33%	77.66%	90.00%	92.50%
Projected Dividends (M)	2.28	3.48	4.84	6.35	8.04	9.92	10.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3.22	3.26	3.29
Year 2 PV (M)	4.14	4.22	4.30
Year 3 PV (M)	5.03	5.18	5.33
Year 4 PV (M)	5.90	6.13	6.36
Year 5 PV (M)	6.74	7.06	7.40
PV of Terminal Value (M)	176.82	185.36	194.22
Equity Value (M)	201.86	211.20	220.90
Shares Outstanding (M)	4.83	4.83	4.83
Fair Value	$41.83	$43.77	$45.78
Upside / Downside	145.79%	157.17%	168.98%

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Banco Mercantil de Investimentos S.A. (BMIN3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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