DDM Analysis: PGMN3.SA

Valuation Snapshot

Stable Growth	$25.49 - $66.42	$62.24
Multi-Stage	$9.73 - $10.64	$10.18
Blended Fair Value	$36.21
Current Price	$3.60
Upside	905.81%
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%	0.35%	0.07	0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.07	0.09
YoY Growth	-	-	-47.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-21.95%	33.99%
Dividend Yield	-	-	2.32%	5.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.90%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	197.50
(-) Cash Dividends Paid (M)	147.31
(=) Cash Retained (M)	50.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.50	24.69	14.81
Cash Retained (M)	50.19	50.19	50.19
(-) Cash Required (M)	-39.50	-24.69	-14.81
(=) Excess Retained (M)	10.69	25.50	35.37
(/) Shares Outstanding (M)	591.37	591.37	591.37
(=) Excess Retained per Share	0.02	0.04	0.06
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.02	0.04	0.06
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.49	$62.24	$66.42
Upside / Downside	608.05%	1,628.94%	1,744.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	197.50	210.33	224.00	238.57	254.07	270.59	278.70
Payout Ratio	74.59%	77.67%	80.75%	83.84%	86.92%	90.00%	92.50%
Projected Dividends (M)	147.31	163.37	180.89	200.00	220.83	243.53	257.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	151.81	153.25	154.68
Year 2 PV (M)	156.19	159.17	162.17
Year 3 PV (M)	160.47	165.08	169.77
Year 4 PV (M)	164.65	170.98	177.49
Year 5 PV (M)	168.72	176.87	185.33
PV of Terminal Value (M)	4,953.31	5,192.55	5,440.96
Equity Value (M)	5,755.15	6,017.89	6,290.41
Shares Outstanding (M)	591.37	591.37	591.37
Fair Value	$9.73	$10.18	$10.64
Upside / Downside	170.33%	182.67%	195.47%

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Empreendimentos Pague Menos S.A. (PGMN3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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