DDM Analysis: SOF.BR

Valuation Snapshot

Stable Growth	$1,309.83 - $5,022.27	$3,751.96
Multi-Stage	$610.92 - $668.91	$639.38
Blended Fair Value	$2,195.67
Current Price	$280.00
Upside	684.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.44%	3.95%	3.32	3.22	3.13	3.03	2.91	2.80	2.68	2.57	2.46	2.36
YoY Growth	-	-	2.97%	3.00%	3.28%	3.92%	4.03%	4.51%	4.35%	4.47%	4.12%	4.88%
Dividend Yield	-	-	1.52%	1.43%	1.52%	0.70%	1.05%	1.45%	1.62%	1.96%	1.96%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	847.21
(-) Cash Dividends Paid (M)	111.24
(=) Cash Retained (M)	735.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.44	105.90	63.54
Cash Retained (M)	735.97	735.97	735.97
(-) Cash Required (M)	-169.44	-105.90	-63.54
(=) Excess Retained (M)	566.53	630.07	672.43
(/) Shares Outstanding (M)	33.55	33.55	33.55
(=) Excess Retained per Share	16.89	18.78	20.04
LTM Dividend per Share	3.32	3.32	3.32
(+) Excess Retained per Share	16.89	18.78	20.04
(=) Adjusted Dividend	20.20	22.10	23.36
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,309.83	$3,751.96	$5,022.27
Upside / Downside	367.80%	1,239.99%	1,693.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	847.21	902.28	960.93	1,023.39	1,089.91	1,160.75	1,195.58
Payout Ratio	13.13%	28.50%	43.88%	59.25%	74.63%	90.00%	92.50%
Projected Dividends (M)	111.24	257.19	421.64	606.38	813.36	1,044.68	1,105.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	237.82	240.08	242.33
Year 2 PV (M)	360.53	367.40	374.33
Year 3 PV (M)	479.46	493.22	507.25
Year 4 PV (M)	594.69	617.56	641.09
Year 5 PV (M)	706.31	740.43	775.85
PV of Terminal Value (M)	18,116.60	18,991.64	19,900.17
Equity Value (M)	20,495.42	21,450.33	22,441.01
Shares Outstanding (M)	33.55	33.55	33.55
Fair Value	$610.92	$639.38	$668.91
Upside / Downside	118.19%	128.35%	138.90%

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Sofina S.A. (SOF.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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