DDM Analysis: PAGS

Valuation Snapshot

Stable Growth	$245.86 - $1,440.24	$452.01
Multi-Stage	$144.29 - $157.83	$150.94
Blended Fair Value	$301.47
Current Price	$53.17
Upside	467.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.18	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,215.36
(-) Cash Dividends Paid (M)	431.21
(=) Cash Retained (M)	1,784.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	443.07	276.92	166.15
Cash Retained (M)	1,784.16	1,784.16	1,784.16
(-) Cash Required (M)	-443.07	-276.92	-166.15
(=) Excess Retained (M)	1,341.08	1,507.23	1,618.00
(/) Shares Outstanding (M)	303.77	303.77	303.77
(=) Excess Retained per Share	4.41	4.96	5.33
LTM Dividend per Share	1.42	1.42	1.42
(+) Excess Retained per Share	4.41	4.96	5.33
(=) Adjusted Dividend	5.83	6.38	6.75
WACC / Discount Rate	8.00%	8.00%	8.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$245.86	$452.01	$1,440.24
Upside / Downside	362.41%	750.13%	2,608.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,215.36	2,359.36	2,512.72	2,676.04	2,849.99	3,035.24	3,126.29
Payout Ratio	19.46%	33.57%	47.68%	61.79%	75.89%	90.00%	92.50%
Projected Dividends (M)	431.21	792.07	1,198.03	1,653.41	2,162.94	2,731.71	2,891.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.00%	8.00%	8.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	726.49	733.38	740.26
Year 2 PV (M)	1,007.85	1,027.05	1,046.43
Year 3 PV (M)	1,275.78	1,312.41	1,349.72
Year 4 PV (M)	1,530.75	1,589.62	1,650.17
Year 5 PV (M)	1,773.21	1,858.86	1,947.78
PV of Terminal Value (M)	37,516.36	39,328.42	41,209.82
Equity Value (M)	43,830.44	45,849.72	47,944.18
Shares Outstanding (M)	303.77	303.77	303.77
Fair Value	$144.29	$150.94	$157.83
Upside / Downside	171.37%	183.87%	196.84%

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PagSeguro Digital Ltd. (PAGS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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