DDM Analysis: MONEXB.MX

Valuation Snapshot

Stable Growth	$172.85 - $784.11	$303.00
Multi-Stage	$102.98 - $112.73	$107.76
Blended Fair Value	$205.38
Current Price	$20.00
Upside	926.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	33.66%	17.59%	2.11	0.11	0.11	0.39	0.39	0.50	0.39	2.48	0.00	0.96
YoY Growth	-	-	1,850.00%	0.00%	-72.00%	0.00%	-21.88%	28.00%	-84.38%	0.00%	-100.00%	129.63%
Dividend Yield	-	-	10.57%	0.83%	0.90%	3.10%	2.75%	3.54%	2.16%	24.73%	0.00%	6.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,573.27
(-) Cash Dividends Paid (M)	15.00
(=) Cash Retained (M)	3,558.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	714.65	446.66	268.00
Cash Retained (M)	3,558.27	3,558.27	3,558.27
(-) Cash Required (M)	-714.65	-446.66	-268.00
(=) Excess Retained (M)	2,843.61	3,111.61	3,290.27
(/) Shares Outstanding (M)	645.81	645.81	645.81
(=) Excess Retained per Share	4.40	4.82	5.09
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	4.40	4.82	5.09
(=) Adjusted Dividend	4.43	4.84	5.12
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$172.85	$303.00	$784.11
Upside / Downside	764.25%	1,415.00%	3,820.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,573.27	3,805.53	4,052.89	4,316.33	4,596.89	4,895.69	5,042.56
Payout Ratio	0.42%	18.34%	36.25%	54.17%	72.08%	90.00%	92.50%
Projected Dividends (M)	15.00	697.78	1,469.25	2,338.06	3,313.62	4,406.12	4,664.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	638.83	644.88	650.94
Year 2 PV (M)	1,231.50	1,254.95	1,278.63
Year 3 PV (M)	1,794.17	1,845.67	1,898.15
Year 4 PV (M)	2,327.97	2,417.50	2,509.59
Year 5 PV (M)	2,834.01	2,970.89	3,113.01
PV of Terminal Value (M)	57,675.89	60,461.66	63,354.05
Equity Value (M)	66,502.37	69,595.56	72,804.37
Shares Outstanding (M)	645.81	645.81	645.81
Fair Value	$102.98	$107.76	$112.73
Upside / Downside	414.88%	438.82%	463.67%

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Monex, S.A.B. de C.V. (MONEXB.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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