DDM Analysis: SHUL3.SA

Valuation Snapshot

Stable Growth	$159.84 - $188.31	$176.48
Multi-Stage	$134.59 - $147.70	$141.02
Blended Fair Value	$158.75
Current Price	$4.76
Upside	3,235.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-74.62%	-50.36%	0.00	0.08	0.17	0.02	0.02	0.03	0.03	0.01	0.01	0.02
YoY Growth	-	-	-99.95%	-55.78%	621.59%	36.51%	-49.45%	36.49%	115.37%	12.65%	-38.44%	-57.61%
Dividend Yield	-	-	0.00%	1.15%	3.88%	0.52%	0.46%	1.89%	1.35%	0.84%	1.09%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	261.01
(-) Cash Dividends Paid (M)	116.30
(=) Cash Retained (M)	144.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.20	32.63	19.58
Cash Retained (M)	144.71	144.71	144.71
(-) Cash Required (M)	-52.20	-32.63	-19.58
(=) Excess Retained (M)	92.51	112.09	125.14
(/) Shares Outstanding (M)	275.65	275.65	275.65
(=) Excess Retained per Share	0.34	0.41	0.45
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.34	0.41	0.45
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$159.84	$176.48	$188.31
Upside / Downside	3,257.91%	3,607.53%	3,856.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	261.01	277.98	296.05	315.29	335.79	357.61	368.34
Payout Ratio	44.56%	53.65%	62.73%	71.82%	80.91%	90.00%	92.50%
Projected Dividends (M)	116.30	149.13	185.73	226.45	271.69	321.85	340.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	150.70	152.12	153.55
Year 2 PV (M)	189.66	193.27	196.92
Year 3 PV (M)	233.68	240.39	247.22
Year 4 PV (M)	283.31	294.21	305.42
Year 5 PV (M)	339.15	355.53	372.54
PV of Terminal Value (M)	35,903.17	37,637.31	39,437.82
Equity Value (M)	37,099.67	38,872.83	40,713.47
Shares Outstanding (M)	275.65	275.65	275.65
Fair Value	$134.59	$141.02	$147.70
Upside / Downside	2,727.50%	2,862.64%	3,002.92%

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Schulz S.A. (SHUL3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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