DDM Analysis: BACHOCOB.MX

Valuation Snapshot

Stable Growth	$232.91 - $1,268.25	$453.32
Multi-Stage	$130.81 - $143.15	$136.87
Blended Fair Value	$295.09
Current Price	$73.00
Upside	304.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	2.90%	5.06%	1.64	1.64	1.42	1.32	1.40	1.42	1.30	1.30	1.50	0.00
YoY Growth	-	-	0.00%	15.43%	7.56%	-5.74%	-1.41%	9.23%	0.00%	-13.26%	69,069.23%	-99.78%
Dividend Yield	-	-	2.25%	1.68%	1.83%	1.94%	2.08%	1.91%	1.38%	1.53%	2.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,818.35
(-) Cash Dividends Paid (M)	491.50
(=) Cash Retained (M)	3,326.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	763.67	477.29	286.38
Cash Retained (M)	3,326.85	3,326.85	3,326.85
(-) Cash Required (M)	-763.67	-477.29	-286.38
(=) Excess Retained (M)	2,563.18	2,849.56	3,040.47
(/) Shares Outstanding (M)	598.76	598.76	598.76
(=) Excess Retained per Share	4.28	4.76	5.08
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	4.28	4.76	5.08
(=) Adjusted Dividend	5.10	5.58	5.90
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$232.91	$453.32	$1,268.25
Upside / Downside	219.05%	520.99%	1,637.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,818.35	4,066.54	4,330.87	4,612.37	4,912.18	5,231.47	5,388.41
Payout Ratio	12.87%	28.30%	43.72%	59.15%	74.57%	90.00%	92.50%
Projected Dividends (M)	491.50	1,150.74	1,893.60	2,728.16	3,663.23	4,708.32	4,984.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,057.34	1,067.36	1,077.39
Year 2 PV (M)	1,598.70	1,629.15	1,659.89
Year 3 PV (M)	2,116.37	2,177.12	2,239.02
Year 4 PV (M)	2,611.10	2,711.52	2,814.80
Year 5 PV (M)	3,083.66	3,232.60	3,387.25
PV of Terminal Value (M)	67,853.93	71,131.30	74,534.10
Equity Value (M)	78,321.11	81,949.06	85,712.45
Shares Outstanding (M)	598.76	598.76	598.76
Fair Value	$130.81	$136.87	$143.15
Upside / Downside	79.19%	87.49%	96.10%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
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VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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Industrias Bachoco, S.A.B. de C.V. (BACHOCOB.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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