DDM Analysis: CEEB3.SA

Valuation Snapshot

Stable Growth	$237.81 - $960.76	$406.57
Multi-Stage	$150.01 - $163.89	$156.82
Blended Fair Value	$281.70
Current Price	$37.49
Upside	651.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.83%	48.78%	2.71	4.45	6.39	6.53	0.43	4.08	1.23	0.03	0.47	1.14
YoY Growth	-	-	-39.02%	-30.35%	-2.16%	1,427.68%	-89.52%	232.82%	3,984.04%	-93.62%	-58.80%	2,136.97%
Dividend Yield	-	-	7.04%	11.41%	16.59%	17.65%	1.07%	10.47%	4.15%	0.12%	2.10%	4.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,085.00
(-) Cash Dividends Paid (M)	792.00
(=) Cash Retained (M)	1,293.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	417.00	260.63	156.38
Cash Retained (M)	1,293.00	1,293.00	1,293.00
(-) Cash Required (M)	-417.00	-260.63	-156.38
(=) Excess Retained (M)	876.00	1,032.38	1,136.63
(/) Shares Outstanding (M)	262.10	262.10	262.10
(=) Excess Retained per Share	3.34	3.94	4.34
LTM Dividend per Share	3.02	3.02	3.02
(+) Excess Retained per Share	3.34	3.94	4.34
(=) Adjusted Dividend	6.36	6.96	7.36
WACC / Discount Rate	8.32%	8.32%	8.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$237.81	$406.57	$960.76
Upside / Downside	534.32%	984.48%	2,462.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,085.00	2,220.53	2,364.86	2,518.57	2,682.28	2,856.63	2,942.33
Payout Ratio	37.99%	48.39%	58.79%	69.19%	79.60%	90.00%	92.50%
Projected Dividends (M)	792.00	1,074.48	1,390.33	1,742.71	2,135.02	2,570.97	2,721.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.32%	8.32%	8.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	982.60	991.92	1,001.23
Year 2 PV (M)	1,162.73	1,184.88	1,207.24
Year 3 PV (M)	1,332.81	1,371.07	1,410.05
Year 4 PV (M)	1,493.22	1,550.65	1,609.72
Year 5 PV (M)	1,644.37	1,723.80	1,806.26
PV of Terminal Value (M)	32,700.39	34,279.83	35,919.72
Equity Value (M)	39,316.13	41,102.14	42,954.21
Shares Outstanding (M)	262.10	262.10	262.10
Fair Value	$150.01	$156.82	$163.89
Upside / Downside	300.12%	318.30%	337.15%

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Financial Statements

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Companhia de Eletricidade do Estado da Bahia - COELBA (CEEB3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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