DDM Analysis: MONEXB.MX

Valuation Snapshot

Stable Growth	$172.85 - $784.11	$303.00
Multi-Stage	$102.98 - $112.73	$107.76
Blended Fair Value	$205.38
Current Price	$20.00
Upside	926.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	33.66%	17.59%	2.11	0.11	0.11	0.39	0.39	0.50	0.39	2.48	0.00	0.96
YoY Growth	-	-	1,850.00%	0.00%	-72.00%	0.00%	-21.88%	28.00%	-84.38%	0.00%	-100.00%	129.63%
Dividend Yield	-	-	10.57%	0.83%	0.90%	3.10%	2.75%	3.54%	2.16%	24.73%	0.00%	6.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,573.27
(-) Cash Dividends Paid (M)	15.00
(=) Cash Retained (M)	3,558.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	714.65	446.66	268.00
Cash Retained (M)	3,558.27	3,558.27	3,558.27
(-) Cash Required (M)	-714.65	-446.66	-268.00
(=) Excess Retained (M)	2,843.61	3,111.61	3,290.27
(/) Shares Outstanding (M)	645.81	645.81	645.81
(=) Excess Retained per Share	4.40	4.82	5.09
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	4.40	4.82	5.09
(=) Adjusted Dividend	4.43	4.84	5.12
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$172.85	$303.00	$784.11
Upside / Downside	764.25%	1,415.00%	3,820.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,573.27	3,805.53	4,052.89	4,316.33	4,596.89	4,895.69	5,042.56
Payout Ratio	0.42%	18.34%	36.25%	54.17%	72.08%	90.00%	92.50%
Projected Dividends (M)	15.00	697.78	1,469.25	2,338.06	3,313.62	4,406.12	4,664.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	638.83	644.88	650.94
Year 2 PV (M)	1,231.50	1,254.95	1,278.63
Year 3 PV (M)	1,794.17	1,845.67	1,898.15
Year 4 PV (M)	2,327.97	2,417.50	2,509.59
Year 5 PV (M)	2,834.01	2,970.89	3,113.01
PV of Terminal Value (M)	57,675.89	60,461.66	63,354.05
Equity Value (M)	66,502.37	69,595.56	72,804.37
Shares Outstanding (M)	645.81	645.81	645.81
Fair Value	$102.98	$107.76	$112.73
Upside / Downside	414.88%	438.82%	463.67%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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BKH	Black Hills Corporation	2.84%	$1.98	50.60%
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TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
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%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
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%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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AVT	Avnet, Inc.	2.71%	$1.34	48.46%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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Monex, S.A.B. de C.V. (MONEXB.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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