DDM Analysis: DLO

Valuation Snapshot

Stable Growth	$4.55 - $6.77	$5.61
Multi-Stage	$9.04 - $9.91	$9.46
Blended Fair Value	$7.54
Current Price	$11.34
Upside	-33.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.05	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	50.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.15%	0.10%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	170.95
(-) Cash Dividends Paid (M)	149.98
(=) Cash Retained (M)	20.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.19	21.37	12.82
Cash Retained (M)	20.97	20.97	20.97
(-) Cash Required (M)	-34.19	-21.37	-12.82
(=) Excess Retained (M)	-13.22	-0.40	8.14
(/) Shares Outstanding (M)	304.09	304.09	304.09
(=) Excess Retained per Share	-0.04	0.00	0.03
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	-0.04	0.00	0.03
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.55	$5.61	$6.77
Upside / Downside	-59.87%	-50.56%	-40.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	170.95	169.24	167.55	165.87	164.21	162.57	167.45
Payout Ratio	87.74%	88.19%	88.64%	89.09%	89.55%	90.00%	92.50%
Projected Dividends (M)	149.98	149.25	148.51	147.78	147.05	146.31	154.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	137.20	138.60	140.00
Year 2 PV (M)	125.50	128.07	130.67
Year 3 PV (M)	114.79	118.34	121.97
Year 4 PV (M)	105.00	109.35	113.84
Year 5 PV (M)	96.04	101.04	106.25
PV of Terminal Value (M)	2,169.71	2,282.69	2,400.33
Equity Value (M)	2,748.23	2,878.09	3,013.05
Shares Outstanding (M)	304.09	304.09	304.09
Fair Value	$9.04	$9.46	$9.91
Upside / Downside	-20.30%	-16.54%	-12.62%

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DLocal Limited (DLO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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