DDM Analysis: BAUH4.SA

Valuation Snapshot

Stable Growth	$198.31 - $1,063.22	$390.65
Multi-Stage	$115.01 - $125.84	$120.33
Blended Fair Value	$255.49
Current Price	$86.96
Upside	193.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.53%	19.23%	0.78	1.15	0.39	0.94	0.62	0.35	0.60	0.11	0.08	0.33
YoY Growth	-	-	-32.28%	191.29%	-58.33%	52.93%	78.37%	-42.14%	468.18%	38.89%	-76.91%	145.70%
Dividend Yield	-	-	0.98%	1.44%	0.49%	1.25%	0.67%	0.43%	2.41%	0.69%	0.86%	5.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.96
(-) Cash Dividends Paid (M)	6.12
(=) Cash Retained (M)	21.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.59	3.50	2.10
Cash Retained (M)	21.84	21.84	21.84
(-) Cash Required (M)	-5.59	-3.50	-2.10
(=) Excess Retained (M)	16.25	18.35	19.75
(/) Shares Outstanding (M)	5.22	5.22	5.22
(=) Excess Retained per Share	3.11	3.51	3.78
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	3.11	3.51	3.78
(=) Adjusted Dividend	4.28	4.68	4.95
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	5.34%	6.34%	7.34%
Fair Value	$198.31	$390.65	$1,063.22
Upside / Downside	128.04%	349.23%	1,122.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.96	29.73	31.62	33.62	35.75	38.02	39.16
Payout Ratio	21.88%	35.50%	49.13%	62.75%	76.38%	90.00%	92.50%
Projected Dividends (M)	6.12	10.56	15.53	21.10	27.30	34.21	36.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	5.34%	6.34%	7.34%
Year 1 PV (M)	9.72	9.81	9.90
Year 2 PV (M)	13.16	13.41	13.67
Year 3 PV (M)	16.46	16.93	17.41
Year 4 PV (M)	19.61	20.36	21.14
Year 5 PV (M)	22.61	23.71	24.84
PV of Terminal Value (M)	519.02	544.13	570.20
Equity Value (M)	600.57	628.34	657.16
Shares Outstanding (M)	5.22	5.22	5.22
Fair Value	$115.01	$120.33	$125.84
Upside / Downside	32.25%	38.37%	44.71%

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Excelsior Alimentos S.A. (BAUH4.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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