DDM Analysis: TERRA13.MX

Valuation Snapshot

Stable Growth	$77.96 - $220.42	$121.52
Multi-Stage	$80.86 - $88.73	$84.72
Blended Fair Value	$103.12
Current Price	$36.49
Upside	182.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.06%	10.38%	2.90	1.73	1.93	2.12	2.41	2.91	2.86	2.19	1.62	1.45
YoY Growth	-	-	67.31%	-10.18%	-8.83%	-12.38%	-16.94%	1.53%	30.69%	35.34%	11.25%	34.76%
Dividend Yield	-	-	7.81%	3.83%	5.81%	7.55%	7.93%	11.08%	9.44%	7.40%	5.29%	4.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,533.82
(-) Cash Dividends Paid (M)	358.57
(=) Cash Retained (M)	2,175.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	506.76	316.73	190.04
Cash Retained (M)	2,175.25	2,175.25	2,175.25
(-) Cash Required (M)	-506.76	-316.73	-190.04
(=) Excess Retained (M)	1,668.48	1,858.52	1,985.21
(/) Shares Outstanding (M)	782.41	782.41	782.41
(=) Excess Retained per Share	2.13	2.38	2.54
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	2.13	2.38	2.54
(=) Adjusted Dividend	2.59	2.83	3.00
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	3.20%	4.20%	5.20%
Fair Value	$77.96	$121.52	$220.42
Upside / Downside	113.64%	233.04%	504.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,533.82	2,640.17	2,750.99	2,866.46	2,986.78	3,112.15	3,205.52
Payout Ratio	14.15%	29.32%	44.49%	59.66%	74.83%	90.00%	92.50%
Projected Dividends (M)	358.57	774.13	1,223.94	1,710.15	2,235.02	2,800.94	2,965.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	3.20%	4.20%	5.20%
Year 1 PV (M)	719.05	726.01	732.98
Year 2 PV (M)	1,055.96	1,076.53	1,097.29
Year 3 PV (M)	1,370.46	1,410.69	1,451.69
Year 4 PV (M)	1,663.63	1,729.06	1,796.40
Year 5 PV (M)	1,936.53	2,032.19	2,131.60
PV of Terminal Value (M)	56,519.62	59,311.63	62,212.90
Equity Value (M)	63,265.26	66,286.11	69,422.87
Shares Outstanding (M)	782.41	782.41	782.41
Fair Value	$80.86	$84.72	$88.73
Upside / Downside	121.59%	132.18%	143.16%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Fibra Terrafina (TERRA13.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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