DDM Analysis: SEER3.SA

Valuation Snapshot

Stable Growth	$14.39 - $28.70	$19.98
Multi-Stage	$20.31 - $22.32	$21.30
Blended Fair Value	$20.64
Current Price	$11.34
Upside	81.98%
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%	0.00%	0.00	0.00	0.00	0.32	0.21	2.52	0.46	0.27	0.18	0.10
YoY Growth	-	-	0.00%	0.00%	-100.00%	53.62%	-91.73%	445.83%	70.98%	48.09%	89.61%	-58.30%
Dividend Yield	-	-	0.00%	0.00%	0.00%	2.95%	1.70%	16.65%	2.22%	1.34%	0.94%	0.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	109.67
(-) Cash Dividends Paid (M)	19.61
(=) Cash Retained (M)	90.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.93	13.71	8.23
Cash Retained (M)	90.06	90.06	90.06
(-) Cash Required (M)	-21.93	-13.71	-8.23
(=) Excess Retained (M)	68.13	76.35	81.84
(/) Shares Outstanding (M)	126.81	126.81	126.81
(=) Excess Retained per Share	0.54	0.60	0.65
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.54	0.60	0.65
(=) Adjusted Dividend	0.69	0.76	0.80
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	1.72%	2.72%	3.72%
Fair Value	$14.39	$19.98	$28.70
Upside / Downside	26.88%	76.16%	153.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	109.67	112.65	115.71	118.85	122.08	125.39	129.15
Payout Ratio	17.88%	32.30%	46.73%	61.15%	75.58%	90.00%	92.50%
Projected Dividends (M)	19.61	36.39	54.07	72.68	92.26	112.85	119.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	1.72%	2.72%	3.72%
Year 1 PV (M)	33.80	34.13	34.47
Year 2 PV (M)	46.65	47.57	48.50
Year 3 PV (M)	58.25	59.99	61.76
Year 4 PV (M)	68.69	71.43	74.25
Year 5 PV (M)	78.05	81.96	86.03
PV of Terminal Value (M)	2,290.70	2,405.54	2,524.94
Equity Value (M)	2,576.14	2,700.62	2,829.94
Shares Outstanding (M)	126.81	126.81	126.81
Fair Value	$20.31	$21.30	$22.32
Upside / Downside	79.14%	87.80%	96.79%

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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Financial Statements

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Ser Educacional S.A. (SEER3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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