DDM Analysis: TFCO4.SA

Valuation Snapshot

Stable Growth	$65.79 - $182.35	$170.89
Multi-Stage	$25.26 - $27.65	$26.43
Blended Fair Value	$98.66
Current Price	$17.01
Upside	480.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	47.78%	0.00%	0.05	0.04	0.06	0.04	0.76	0.01	0.08	0.07	0.00	0.00
YoY Growth	-	-	33.74%	-45.43%	61.06%	-94.67%	11,160.41%	-91.90%	13.35%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.44%	0.30%	0.60%	0.35%	6.31%	0.07%	0.90%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	139.51
(-) Cash Dividends Paid (M)	30.89
(=) Cash Retained (M)	108.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.90	17.44	10.46
Cash Retained (M)	108.62	108.62	108.62
(-) Cash Required (M)	-27.90	-17.44	-10.46
(=) Excess Retained (M)	80.72	91.18	98.15
(/) Shares Outstanding (M)	152.15	152.15	152.15
(=) Excess Retained per Share	0.53	0.60	0.65
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.53	0.60	0.65
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.79	$170.89	$182.35
Upside / Downside	286.78%	904.65%	972.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	139.51	148.58	158.24	168.52	179.48	191.14	196.88
Payout Ratio	22.14%	35.72%	49.29%	62.86%	76.43%	90.00%	92.50%
Projected Dividends (M)	30.89	53.07	77.99	105.93	137.17	172.03	182.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	49.28	49.75	50.21
Year 2 PV (M)	67.25	68.53	69.83
Year 3 PV (M)	84.83	87.26	89.74
Year 4 PV (M)	102.00	105.92	109.96
Year 5 PV (M)	118.79	124.53	130.48
PV of Terminal Value (M)	3,420.65	3,585.87	3,757.41
Equity Value (M)	3,842.80	4,021.86	4,207.63
Shares Outstanding (M)	152.15	152.15	152.15
Fair Value	$25.26	$26.43	$27.65
Upside / Downside	48.48%	55.40%	62.57%

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Track & Field Co S.A. (TFCO4.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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