DDM Analysis: MULT3.SA

Valuation Snapshot

Stable Growth	$221.07 - $482.09	$451.79
Multi-Stage	$72.92 - $79.80	$76.30
Blended Fair Value	$264.04
Current Price	$29.08
Upside	807.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.91%	17.97%	1.01	0.76	0.41	0.47	0.29	0.44	0.59	0.16	0.23	0.36
YoY Growth	-	-	33.63%	84.39%	-12.10%	59.76%	-34.15%	-25.16%	270.13%	-29.75%	-36.71%	86.03%
Dividend Yield	-	-	4.47%	3.13%	1.78%	2.15%	1.37%	2.72%	3.03%	0.85%	1.27%	2.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,232.03
(-) Cash Dividends Paid (M)	526.63
(=) Cash Retained (M)	705.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	246.41	154.00	92.40
Cash Retained (M)	705.40	705.40	705.40
(-) Cash Required (M)	-246.41	-154.00	-92.40
(=) Excess Retained (M)	459.00	551.40	613.00
(/) Shares Outstanding (M)	508.24	508.24	508.24
(=) Excess Retained per Share	0.90	1.08	1.21
LTM Dividend per Share	1.04	1.04	1.04
(+) Excess Retained per Share	0.90	1.08	1.21
(=) Adjusted Dividend	1.94	2.12	2.24
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$221.07	$451.79	$482.09
Upside / Downside	660.20%	1,453.61%	1,557.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,232.03	1,312.11	1,397.40	1,488.23	1,584.96	1,687.99	1,738.63
Payout Ratio	42.74%	52.20%	61.65%	71.10%	80.55%	90.00%	92.50%
Projected Dividends (M)	526.63	684.87	861.45	1,058.10	1,276.67	1,519.19	1,608.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	637.48	643.52	649.56
Year 2 PV (M)	746.36	760.57	774.92
Year 3 PV (M)	853.29	877.79	902.75
Year 4 PV (M)	958.31	995.17	1,033.08
Year 5 PV (M)	1,061.45	1,112.71	1,165.94
PV of Terminal Value (M)	32,802.87	34,387.27	36,032.29
Equity Value (M)	37,059.76	38,777.02	40,558.54
Shares Outstanding (M)	508.24	508.24	508.24
Fair Value	$72.92	$76.30	$79.80
Upside / Downside	150.75%	162.37%	174.42%

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Multiplan Empreendimentos Imobiliários S.A. (MULT3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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