DDM Analysis: EQTL3.SA

Valuation Snapshot

Stable Growth	$274.43 - $505.51	$473.74
Multi-Stage	$79.96 - $87.52	$83.67
Blended Fair Value	$278.71
Current Price	$36.95
Upside	654.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.04%	72.70%	1.08	0.60	0.83	0.92	0.49	0.37	0.25	0.20	0.20	0.14
YoY Growth	-	-	79.99%	-27.01%	-10.53%	87.28%	33.40%	45.58%	27.11%	1.32%	39.57%	2,971.38%
Dividend Yield	-	-	3.39%	1.88%	3.06%	3.39%	1.99%	2.10%	1.59%	1.40%	1.68%	1.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,362.36
(-) Cash Dividends Paid (M)	1,451.08
(=) Cash Retained (M)	1,911.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	672.47	420.29	252.18
Cash Retained (M)	1,911.28	1,911.28	1,911.28
(-) Cash Required (M)	-672.47	-420.29	-252.18
(=) Excess Retained (M)	1,238.80	1,490.98	1,659.10
(/) Shares Outstanding (M)	1,322.79	1,322.79	1,322.79
(=) Excess Retained per Share	0.94	1.13	1.25
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	0.94	1.13	1.25
(=) Adjusted Dividend	2.03	2.22	2.35
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$274.43	$473.74	$505.51
Upside / Downside	642.70%	1,182.11%	1,268.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,362.36	3,580.91	3,813.67	4,061.56	4,325.56	4,606.72	4,744.92
Payout Ratio	43.16%	52.53%	61.89%	71.26%	80.63%	90.00%	92.50%
Projected Dividends (M)	1,451.08	1,880.88	2,360.43	2,894.37	3,487.75	4,146.05	4,389.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,753.10	1,769.71	1,786.33
Year 2 PV (M)	2,050.59	2,089.65	2,129.08
Year 3 PV (M)	2,343.62	2,410.90	2,479.45
Year 4 PV (M)	2,632.22	2,733.45	2,837.57
Year 5 PV (M)	2,916.45	3,057.32	3,203.58
PV of Terminal Value (M)	94,077.59	98,621.57	103,339.46
Equity Value (M)	105,773.57	110,682.60	115,775.47
Shares Outstanding (M)	1,322.79	1,322.79	1,322.79
Fair Value	$79.96	$83.67	$87.52
Upside / Downside	116.41%	126.45%	136.87%

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Equatorial Energia S.A. (EQTL3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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