DDM Analysis: WEGE3.SA

Valuation Snapshot

Stable Growth	$125.48 - $307.22	$287.91
Multi-Stage	$45.10 - $49.35	$47.19
Blended Fair Value	$167.55
Current Price	$36.59
Upside	357.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.93%	20.37%	0.70	0.55	0.45	0.39	0.21	0.16	0.14	0.13	0.13	0.12
YoY Growth	-	-	27.12%	22.31%	13.89%	88.05%	29.43%	12.74%	10.11%	4.13%	1.31%	13.14%
Dividend Yield	-	-	1.54%	1.43%	1.07%	1.08%	0.53%	0.90%	1.46%	1.37%	1.67%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,482.75
(-) Cash Dividends Paid (M)	3,167.81
(=) Cash Retained (M)	3,314.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,296.55	810.34	486.21
Cash Retained (M)	3,314.94	3,314.94	3,314.94
(-) Cash Required (M)	-1,296.55	-810.34	-486.21
(=) Excess Retained (M)	2,018.39	2,504.60	2,828.74
(/) Shares Outstanding (M)	4,196.47	4,196.47	4,196.47
(=) Excess Retained per Share	0.48	0.60	0.67
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	0.48	0.60	0.67
(=) Adjusted Dividend	1.24	1.35	1.43
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$125.48	$287.91	$307.22
Upside / Downside	242.93%	686.87%	739.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,482.75	6,904.13	7,352.90	7,830.84	8,339.84	8,881.93	9,148.39
Payout Ratio	48.87%	57.09%	65.32%	73.55%	81.77%	90.00%	92.50%
Projected Dividends (M)	3,167.81	3,941.72	4,802.85	5,759.28	6,819.74	7,993.74	8,462.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,665.05	3,699.79	3,734.53
Year 2 PV (M)	4,152.28	4,231.37	4,311.21
Year 3 PV (M)	4,629.67	4,762.57	4,897.99
Year 4 PV (M)	5,097.34	5,293.37	5,495.00
Year 5 PV (M)	5,555.46	5,823.79	6,102.39
PV of Terminal Value (M)	166,175.59	174,201.93	182,535.46
Equity Value (M)	189,275.38	198,012.82	207,076.57
Shares Outstanding (M)	4,196.47	4,196.47	4,196.47
Fair Value	$45.10	$47.19	$49.35
Upside / Downside	23.27%	28.96%	34.86%

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WEG S.A. (WEGE3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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