DDM Analysis: AZZA3.SA

Valuation Snapshot

Stable Growth	$409.00 - $804.61	$754.04
Multi-Stage	$122.99 - $134.73	$128.75
Blended Fair Value	$441.40
Current Price	$30.15
Upside	1,364.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.71%	6.50%	0.32	0.18	0.41	0.00	0.15	0.54	0.40	0.76	0.16	0.24
YoY Growth	-	-	82.04%	-56.75%	0.00%	-100.00%	-71.42%	35.51%	-47.96%	373.31%	-33.18%	40.26%
Dividend Yield	-	-	1.32%	0.28%	0.64%	0.00%	0.22%	1.46%	0.78%	1.52%	0.51%	1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	753.18
(-) Cash Dividends Paid (M)	118.75
(=) Cash Retained (M)	634.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	150.64	94.15	56.49
Cash Retained (M)	634.43	634.43	634.43
(-) Cash Required (M)	-150.64	-94.15	-56.49
(=) Excess Retained (M)	483.79	540.28	577.94
(/) Shares Outstanding (M)	186.16	186.16	186.16
(=) Excess Retained per Share	2.60	2.90	3.10
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	2.60	2.90	3.10
(=) Adjusted Dividend	3.24	3.54	3.74
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$409.00	$754.04	$804.61
Upside / Downside	1,256.56%	2,400.96%	2,568.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	753.18	802.13	854.27	909.80	968.94	1,031.92	1,062.88
Payout Ratio	15.77%	30.61%	45.46%	60.31%	75.15%	90.00%	92.50%
Projected Dividends (M)	118.75	245.56	388.35	548.67	728.19	928.73	983.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	228.76	230.93	233.10
Year 2 PV (M)	337.04	343.46	349.94
Year 3 PV (M)	443.60	456.34	469.31
Year 4 PV (M)	548.47	569.56	591.26
Year 5 PV (M)	651.66	683.14	715.82
PV of Terminal Value (M)	20,686.19	21,685.34	22,722.73
Equity Value (M)	22,895.72	23,968.76	25,082.15
Shares Outstanding (M)	186.16	186.16	186.16
Fair Value	$122.99	$128.75	$134.73
Upside / Downside	307.92%	327.04%	346.87%

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Azzas 2154 S.A. (AZZA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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