DDM Analysis: BRFS3.SA

Valuation Snapshot

Stable Growth	$229.65 - $438.16	$410.62
Multi-Stage	$68.21 - $74.69	$71.39
Blended Fair Value	$241.01
Current Price	$20.14
Upside	1,096.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	4.66%	0.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.72	0.55
YoY Growth	-	-	134,383.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	32.30%	22.47%
Dividend Yield	-	-	3.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.88%	1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,585.59
(-) Cash Dividends Paid (M)	1,144.45
(=) Cash Retained (M)	2,441.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	717.12	448.20	268.92
Cash Retained (M)	2,441.13	2,441.13	2,441.13
(-) Cash Required (M)	-717.12	-448.20	-268.92
(=) Excess Retained (M)	1,724.02	1,992.93	2,172.21
(/) Shares Outstanding (M)	1,627.44	1,627.44	1,627.44
(=) Excess Retained per Share	1.06	1.22	1.33
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	1.06	1.22	1.33
(=) Adjusted Dividend	1.76	1.93	2.04
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$229.65	$410.62	$438.16
Upside / Downside	1,040.26%	1,938.84%	2,075.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,585.59	3,818.65	4,066.86	4,331.21	4,612.73	4,912.56	5,059.94
Payout Ratio	31.92%	43.53%	55.15%	66.77%	78.38%	90.00%	92.50%
Projected Dividends (M)	1,144.45	1,662.43	2,242.91	2,891.83	3,615.63	4,421.31	4,680.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,549.08	1,563.76	1,578.44
Year 2 PV (M)	1,947.47	1,984.57	2,022.01
Year 3 PV (M)	2,339.71	2,406.88	2,475.31
Year 4 PV (M)	2,725.86	2,830.69	2,938.51
Year 5 PV (M)	3,105.99	3,256.01	3,411.77
PV of Terminal Value (M)	99,345.00	104,143.41	109,125.45
Equity Value (M)	111,013.12	116,185.31	121,551.51
Shares Outstanding (M)	1,627.44	1,627.44	1,627.44
Fair Value	$68.21	$71.39	$74.69
Upside / Downside	238.70%	254.48%	270.85%

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BRF S.A. (BRFS3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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