DDM Analysis: GFNORTEO.MX

Valuation Snapshot

Stable Growth	$1,060.64 - $3,839.35	$3,355.06
Multi-Stage	$479.95 - $525.45	$502.28
Blended Fair Value	$1,928.67
Current Price	$172.19
Upside	1,020.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.63%	40.28%	12.22	12.82	11.65	5.70	0.00	5.42	3.25	4.98	2.46	0.95
YoY Growth	-	-	-4.68%	9.98%	104.56%	0.00%	-100.00%	66.83%	-34.70%	102.59%	159.38%	128.82%
Dividend Yield	-	-	8.60%	7.30%	7.68%	3.81%	0.00%	8.34%	3.06%	4.51%	2.28%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56,788.00
(-) Cash Dividends Paid (M)	9,962.80
(=) Cash Retained (M)	46,825.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,357.60	7,098.50	4,259.10
Cash Retained (M)	46,825.20	46,825.20	46,825.20
(-) Cash Required (M)	-11,357.60	-7,098.50	-4,259.10
(=) Excess Retained (M)	35,467.60	39,726.70	42,566.10
(/) Shares Outstanding (M)	2,941.57	2,941.57	2,941.57
(=) Excess Retained per Share	12.06	13.51	14.47
LTM Dividend per Share	3.39	3.39	3.39
(+) Excess Retained per Share	12.06	13.51	14.47
(=) Adjusted Dividend	15.44	16.89	17.86
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,060.64	$3,355.06	$3,839.35
Upside / Downside	515.97%	1,848.46%	2,129.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56,788.00	60,479.22	64,410.37	68,597.04	73,055.85	77,804.48	80,138.62
Payout Ratio	17.54%	32.04%	46.53%	61.02%	75.51%	90.00%	92.50%
Projected Dividends (M)	9,962.80	19,374.57	29,967.77	41,856.23	55,163.58	70,024.03	74,128.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17,930.99	18,100.95	18,270.91
Year 2 PV (M)	25,668.39	26,157.30	26,650.83
Year 3 PV (M)	33,180.01	34,132.49	35,103.02
Year 4 PV (M)	40,470.72	42,027.11	43,627.96
Year 5 PV (M)	47,545.32	49,841.78	52,226.12
PV of Terminal Value (M)	1,247,011.58	1,307,242.70	1,369,779.02
Equity Value (M)	1,411,807.01	1,477,502.33	1,545,657.86
Shares Outstanding (M)	2,941.57	2,941.57	2,941.57
Fair Value	$479.95	$502.28	$525.45
Upside / Downside	178.73%	191.70%	205.16%

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Grupo Financiero Banorte, S.A.B. de C.V. (GFNORTEO.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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