DDM Analysis: BACHOCOB.MX

Valuation Snapshot

Stable Growth	$235.68 - $1,268.25	$462.92
Multi-Stage	$131.61 - $144.03	$137.71
Blended Fair Value	$300.31
Current Price	$73.00
Upside	311.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	2.90%	5.06%	1.64	1.64	1.42	1.32	1.40	1.42	1.30	1.30	1.50	0.00
YoY Growth	-	-	0.00%	15.43%	7.56%	-5.74%	-1.41%	9.23%	0.00%	-13.26%	69,069.23%	-99.78%
Dividend Yield	-	-	2.25%	1.68%	1.83%	1.94%	2.08%	1.91%	1.38%	1.53%	2.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,818.35
(-) Cash Dividends Paid (M)	491.50
(=) Cash Retained (M)	3,326.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	763.67	477.29	286.38
Cash Retained (M)	3,326.85	3,326.85	3,326.85
(-) Cash Required (M)	-763.67	-477.29	-286.38
(=) Excess Retained (M)	2,563.18	2,849.56	3,040.47
(/) Shares Outstanding (M)	598.76	598.76	598.76
(=) Excess Retained per Share	4.28	4.76	5.08
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	4.28	4.76	5.08
(=) Adjusted Dividend	5.10	5.58	5.90
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$235.68	$462.92	$1,268.25
Upside / Downside	222.85%	534.13%	1,637.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,818.35	4,066.54	4,330.87	4,612.37	4,912.18	5,231.47	5,388.41
Payout Ratio	12.87%	28.30%	43.72%	59.15%	74.57%	90.00%	92.50%
Projected Dividends (M)	491.50	1,150.74	1,893.60	2,728.16	3,663.23	4,708.32	4,984.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,057.61	1,067.63	1,077.66
Year 2 PV (M)	1,599.51	1,629.97	1,660.73
Year 3 PV (M)	2,117.97	2,178.77	2,240.72
Year 4 PV (M)	2,613.74	2,714.26	2,817.64
Year 5 PV (M)	3,087.55	3,236.68	3,391.52
PV of Terminal Value (M)	68,325.43	71,625.57	75,052.02
Equity Value (M)	78,801.80	82,452.88	86,240.29
Shares Outstanding (M)	598.76	598.76	598.76
Fair Value	$131.61	$137.71	$144.03
Upside / Downside	80.29%	88.64%	97.30%

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Financial Statements

Fundamentals

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Industrias Bachoco, S.A.B. de C.V. (BACHOCOB.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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