DDM Analysis: B3SA3.SA

Valuation Snapshot

Stable Growth	$20.54 - $51.39	$30.83
Multi-Stage	$14.25 - $15.57	$14.90
Blended Fair Value	$22.87
Current Price	$13.40
Upside	70.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.17%	10.68%	0.39	0.38	0.00	1.27	0.74	0.39	0.29	0.15	0.11	0.27
YoY Growth	-	-	2.50%	0.00%	-100.00%	72.62%	88.41%	34.85%	96.22%	33.40%	-59.08%	92.59%
Dividend Yield	-	-	3.19%	3.20%	0.00%	7.98%	3.95%	3.23%	2.64%	1.64%	1.64%	4.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,856.29
(-) Cash Dividends Paid (M)	1,039.42
(=) Cash Retained (M)	3,816.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	971.26	607.04	364.22
Cash Retained (M)	3,816.87	3,816.87	3,816.87
(-) Cash Required (M)	-971.26	-607.04	-364.22
(=) Excess Retained (M)	2,845.61	3,209.83	3,452.65
(/) Shares Outstanding (M)	5,281.40	5,281.40	5,281.40
(=) Excess Retained per Share	0.54	0.61	0.65
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.54	0.61	0.65
(=) Adjusted Dividend	0.74	0.80	0.85
WACC / Discount Rate	9.28%	9.28%	9.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.54	$30.83	$51.39
Upside / Downside	53.25%	130.09%	283.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,856.29	5,171.95	5,508.13	5,866.15	6,247.45	6,653.54	6,853.15
Payout Ratio	21.40%	35.12%	48.84%	62.56%	76.28%	90.00%	92.50%
Projected Dividends (M)	1,039.42	1,816.54	2,690.29	3,669.95	4,765.60	5,988.19	6,339.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.28%	9.28%	9.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,646.68	1,662.29	1,677.90
Year 2 PV (M)	2,210.70	2,252.81	2,295.31
Year 3 PV (M)	2,733.73	2,812.21	2,892.17
Year 4 PV (M)	3,217.95	3,341.70	3,468.99
Year 5 PV (M)	3,665.41	3,842.45	4,026.26
PV of Terminal Value (M)	61,795.12	64,779.84	67,878.80
Equity Value (M)	75,269.59	78,691.30	82,239.44
Shares Outstanding (M)	5,281.40	5,281.40	5,281.40
Fair Value	$14.25	$14.90	$15.57
Upside / Downside	6.36%	11.19%	16.21%

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B3 S.A. - Brasil, Bolsa, Balcão (B3SA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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