DDM Analysis: SAPR11.SA

Valuation Snapshot

Stable Growth	$226.71 - $267.10	$250.31
Multi-Stage	$78.87 - $86.51	$82.62
Blended Fair Value	$166.47
Current Price	$7.25
Upside	2,196.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.43%	11.98%	0.25	0.24	0.19	0.17	0.19	0.25	0.19	0.18	0.12	0.12
YoY Growth	-	-	4.55%	24.63%	15.61%	-11.88%	-23.05%	32.24%	6.08%	42.39%	3.28%	47.17%
Dividend Yield	-	-	4.72%	4.96%	6.05%	5.05%	5.63%	6.97%	5.79%	7.51%	5.51%	16.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,131.11
(-) Cash Dividends Paid (M)	412.74
(=) Cash Retained (M)	1,718.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	426.22	266.39	159.83
Cash Retained (M)	1,718.38	1,718.38	1,718.38
(-) Cash Required (M)	-426.22	-266.39	-159.83
(=) Excess Retained (M)	1,292.15	1,451.99	1,558.54
(/) Shares Outstanding (M)	1,586.77	1,586.77	1,586.77
(=) Excess Retained per Share	0.81	0.92	0.98
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.81	0.92	0.98
(=) Adjusted Dividend	1.07	1.18	1.24
WACC / Discount Rate	4.77%	4.77%	4.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$226.71	$250.31	$267.10
Upside / Downside	3,027.00%	3,352.57%	3,584.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,131.11	2,269.63	2,417.16	2,574.28	2,741.60	2,919.81	3,007.40
Payout Ratio	19.37%	33.49%	47.62%	61.75%	75.87%	90.00%	92.50%
Projected Dividends (M)	412.74	760.18	1,151.06	1,589.53	2,080.15	2,627.83	2,781.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.77%	4.77%	4.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	718.73	725.54	732.35
Year 2 PV (M)	1,028.94	1,048.54	1,068.32
Year 3 PV (M)	1,343.41	1,381.97	1,421.27
Year 4 PV (M)	1,662.18	1,726.10	1,791.85
Year 5 PV (M)	1,985.30	2,081.19	2,180.75
PV of Terminal Value (M)	118,413.55	124,132.97	130,071.28
Equity Value (M)	125,152.10	131,096.31	137,265.82
Shares Outstanding (M)	1,586.77	1,586.77	1,586.77
Fair Value	$78.87	$82.62	$86.51
Upside / Downside	987.90%	1,039.57%	1,093.19%

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Companhia de Saneamento do Paraná - SANEPAR (SAPR11.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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