DDM Analysis: WLMM3.SA

Valuation Snapshot

Stable Growth	$161.86 - $617.78	$467.07
Multi-Stage	$76.92 - $84.13	$80.46
Blended Fair Value	$273.76
Current Price	$20.29
Upside	1,249.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.47%	1.69%	0.66	0.39	0.51	0.34	0.32	0.19	0.00	0.00	0.08	1.26
YoY Growth	-	-	66.32%	-23.22%	51.00%	7.59%	68.71%	0.00%	0.00%	-100.00%	-93.83%	126.73%
Dividend Yield	-	-	2.12%	1.82%	2.39%	0.98%	1.32%	1.40%	0.00%	0.00%	3.63%	66.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.74
(-) Cash Dividends Paid (M)	47.17
(=) Cash Retained (M)	70.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.55	14.72	8.83
Cash Retained (M)	70.57	70.57	70.57
(-) Cash Required (M)	-23.55	-14.72	-8.83
(=) Excess Retained (M)	47.02	55.86	61.74
(/) Shares Outstanding (M)	37.90	37.90	37.90
(=) Excess Retained per Share	1.24	1.47	1.63
LTM Dividend per Share	1.24	1.24	1.24
(+) Excess Retained per Share	1.24	1.47	1.63
(=) Adjusted Dividend	2.49	2.72	2.87
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$161.86	$467.07	$617.78
Upside / Downside	697.74%	2,201.95%	2,944.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.74	125.39	133.54	142.23	151.47	161.32	166.15
Payout Ratio	40.06%	50.05%	60.04%	70.02%	80.01%	90.00%	92.50%
Projected Dividends (M)	47.17	62.76	80.18	99.59	121.19	145.18	153.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	58.04	58.59	59.14
Year 2 PV (M)	68.57	69.87	71.19
Year 3 PV (M)	78.76	81.02	83.33
Year 4 PV (M)	88.64	92.05	95.55
Year 5 PV (M)	98.19	102.94	107.86
PV of Terminal Value (M)	2,523.17	2,645.04	2,771.58
Equity Value (M)	2,915.37	3,049.51	3,188.65
Shares Outstanding (M)	37.90	37.90	37.90
Fair Value	$76.92	$80.46	$84.13
Upside / Downside	279.09%	296.53%	314.62%

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WLM Participações e Comércio de Máquinas e Veículos S.A. (WLMM3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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