DDM Analysis: BPAC11.SA

Valuation Snapshot

Stable Growth	$189.51 - $613.28	$574.73
Multi-Stage	$80.69 - $88.32	$84.43
Blended Fair Value	$329.58
Current Price	$48.26
Upside	582.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.85%	26.80%	0.63	0.60	0.43	0.37	0.00	0.13	0.00	0.00	0.00	0.03
YoY Growth	-	-	5.27%	40.49%	15.98%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	-44.97%
Dividend Yield	-	-	1.87%	1.68%	2.16%	1.41%	0.00%	1.56%	0.00%	0.00%	0.00%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,680.57
(-) Cash Dividends Paid (M)	4,019.82
(=) Cash Retained (M)	10,660.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,936.11	1,835.07	1,101.04
Cash Retained (M)	10,660.75	10,660.75	10,660.75
(-) Cash Required (M)	-2,936.11	-1,835.07	-1,101.04
(=) Excess Retained (M)	7,724.63	8,825.68	9,559.71
(/) Shares Outstanding (M)	4,760.62	4,760.62	4,760.62
(=) Excess Retained per Share	1.62	1.85	2.01
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	1.62	1.85	2.01
(=) Adjusted Dividend	2.47	2.70	2.85
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$189.51	$574.73	$613.28
Upside / Downside	292.68%	1,090.91%	1,170.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,680.57	15,634.80	16,651.06	17,733.38	18,886.05	20,113.65	20,717.06
Payout Ratio	27.38%	39.91%	52.43%	64.95%	77.48%	90.00%	92.50%
Projected Dividends (M)	4,019.82	6,239.15	8,730.01	11,518.32	14,632.23	18,102.28	19,163.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,783.07	5,837.89	5,892.70
Year 2 PV (M)	7,500.34	7,643.20	7,787.41
Year 3 PV (M)	9,172.52	9,435.83	9,704.14
Year 4 PV (M)	10,800.49	11,215.84	11,643.07
Year 5 PV (M)	12,385.10	12,983.30	13,604.40
PV of Terminal Value (M)	338,487.85	354,836.94	371,811.75
Equity Value (M)	384,129.38	401,953.02	420,443.47
Shares Outstanding (M)	4,760.62	4,760.62	4,760.62
Fair Value	$80.69	$84.43	$88.32
Upside / Downside	67.20%	74.95%	83.00%

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Banco BTG Pactual S.A. (BPAC11.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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