DDM Analysis: PNVL3.SA

Valuation Snapshot

Stable Growth	$79.63 - $149.53	$140.13
Multi-Stage	$23.25 - $25.46	$24.33
Blended Fair Value	$82.23
Current Price	$9.77
Upside	741.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.79%	9.46%	0.22	0.19	0.16	0.14	0.12	0.14	0.12	0.12	0.11	0.09
YoY Growth	-	-	15.47%	16.04%	21.08%	12.07%	-12.25%	16.17%	3.33%	9.82%	22.22%	-3.95%
Dividend Yield	-	-	2.56%	1.69%	1.82%	1.03%	0.69%	0.67%	1.04%	0.99%	0.58%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.83
(-) Cash Dividends Paid (M)	26.27
(=) Cash Retained (M)	86.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.57	14.10	8.46
Cash Retained (M)	86.56	86.56	86.56
(-) Cash Required (M)	-22.57	-14.10	-8.46
(=) Excess Retained (M)	63.99	72.45	78.10
(/) Shares Outstanding (M)	150.06	150.06	150.06
(=) Excess Retained per Share	0.43	0.48	0.52
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.43	0.48	0.52
(=) Adjusted Dividend	0.60	0.66	0.70
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.63	$140.13	$149.53
Upside / Downside	715.08%	1,334.31%	1,430.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.83	120.16	127.97	136.29	145.15	154.59	159.22
Payout Ratio	23.28%	36.63%	49.97%	63.31%	76.66%	90.00%	92.50%
Projected Dividends (M)	26.27	44.01	63.95	86.29	111.27	139.13	147.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.02	41.40	41.79
Year 2 PV (M)	55.54	56.60	57.66
Year 3 PV (M)	69.84	71.85	73.89
Year 4 PV (M)	83.93	87.15	90.47
Year 5 PV (M)	97.80	102.52	107.42
PV of Terminal Value (M)	3,140.19	3,291.86	3,449.34
Equity Value (M)	3,488.31	3,651.38	3,820.58
Shares Outstanding (M)	150.06	150.06	150.06
Fair Value	$23.25	$24.33	$25.46
Upside / Downside	137.93%	149.05%	160.59%

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Dimed S.A. Distribuidora de Medicamentos (PNVL3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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