DDM Analysis: IBAB.BR

Valuation Snapshot

Stable Growth	$33.21 - $167.73	$68.74
Multi-Stage	$18.48 - $20.20	$19.33
Blended Fair Value	$44.04
Current Price	$11.42
Upside	285.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	42.69%	0.17	0.21	0.19	0.20	0.08	0.00	0.00	0.28	0.28	0.18
YoY Growth	-	-	-19.95%	9.72%	-3.56%	156.65%	0.00%	0.00%	-100.00%	-1.38%	60.03%	3,625.71%
Dividend Yield	-	-	1.24%	1.80%	1.22%	1.29%	0.63%	0.00%	0.00%	1.17%	0.68%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.85
(-) Cash Dividends Paid (M)	11.02
(=) Cash Retained (M)	13.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.97	3.11	1.86
Cash Retained (M)	13.83	13.83	13.83
(-) Cash Required (M)	-4.97	-3.11	-1.86
(=) Excess Retained (M)	8.86	10.73	11.97
(/) Shares Outstanding (M)	29.47	29.47	29.47
(=) Excess Retained per Share	0.30	0.36	0.41
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.30	0.36	0.41
(=) Adjusted Dividend	0.67	0.74	0.78
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.21	$68.74	$167.73
Upside / Downside	190.82%	501.94%	1,368.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.85	26.47	28.19	30.02	31.97	34.05	35.07
Payout Ratio	44.34%	53.48%	62.61%	71.74%	80.87%	90.00%	92.50%
Projected Dividends (M)	11.02	14.15	17.65	21.54	25.86	30.65	32.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.03	13.15	13.27
Year 2 PV (M)	14.95	15.23	15.52
Year 3 PV (M)	16.79	17.27	17.76
Year 4 PV (M)	18.54	19.26	19.99
Year 5 PV (M)	20.23	21.20	22.22
PV of Terminal Value (M)	461.16	483.44	506.56
Equity Value (M)	544.69	569.55	595.32
Shares Outstanding (M)	29.47	29.47	29.47
Fair Value	$18.48	$19.33	$20.20
Upside / Downside	61.86%	69.25%	76.91%

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Ion Beam Applications S.A. (IBAB.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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