DDM Analysis: TIMS3.SA

Valuation Snapshot

Stable Growth	$28.82 - $57.56	$40.03
Multi-Stage	$23.48 - $25.53	$24.48
Blended Fair Value	$32.26
Current Price	$23.50
Upside	37.26%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.71%	12.52%	1.12	0.90	0.50	0.43	0.48	0.32	0.24	0.14	0.19	0.15
YoY Growth	-	-	25.07%	81.36%	14.98%	-9.55%	49.72%	30.92%	76.83%	-27.73%	27.71%	-56.88%
Dividend Yield	-	-	6.25%	5.05%	3.94%	3.13%	3.76%	2.56%	2.06%	0.97%	1.88%	1.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,028.93
(-) Cash Dividends Paid (M)	3,311.28
(=) Cash Retained (M)	717.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	805.79	503.62	302.17
Cash Retained (M)	717.64	717.64	717.64
(-) Cash Required (M)	-805.79	-503.62	-302.17
(=) Excess Retained (M)	-88.14	214.03	415.47
(/) Shares Outstanding (M)	2,419.28	2,419.28	2,419.28
(=) Excess Retained per Share	-0.04	0.09	0.17
LTM Dividend per Share	1.37	1.37	1.37
(+) Excess Retained per Share	-0.04	0.09	0.17
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	10.38%	10.38%	10.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.82	$40.03	$57.56
Upside / Downside	22.64%	70.33%	144.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,028.93	4,290.81	4,569.71	4,866.74	5,183.08	5,519.98	5,685.58
Payout Ratio	82.19%	83.75%	85.31%	86.88%	88.44%	90.00%	92.50%
Projected Dividends (M)	3,311.28	3,593.56	3,898.54	4,227.98	4,583.79	4,967.98	5,259.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.38%	10.38%	10.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,225.14	3,255.71	3,286.28
Year 2 PV (M)	3,140.15	3,199.96	3,260.33
Year 3 PV (M)	3,056.37	3,144.10	3,233.50
Year 4 PV (M)	2,973.86	3,088.23	3,205.86
Year 5 PV (M)	2,892.68	3,032.39	3,177.46
PV of Terminal Value (M)	41,510.05	43,515.00	45,596.68
Equity Value (M)	56,798.24	59,235.39	61,760.12
Shares Outstanding (M)	2,419.28	2,419.28	2,419.28
Fair Value	$23.48	$24.48	$25.53
Upside / Downside	-0.10%	4.19%	8.63%

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Financial Statements

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TIM S.A. (TIMS3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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