DDM Analysis: B3SA3.SA

Valuation Snapshot

Stable Growth	$42.45 - $182.87	$103.44
Multi-Stage	$21.29 - $23.29	$22.27
Blended Fair Value	$62.86
Current Price	$13.40
Upside	369.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.17%	10.68%	0.39	0.38	0.00	1.27	0.74	0.39	0.29	0.15	0.11	0.27
YoY Growth	-	-	2.50%	0.00%	-100.00%	72.62%	88.41%	34.85%	96.22%	33.40%	-59.08%	92.59%
Dividend Yield	-	-	3.19%	3.20%	0.00%	7.98%	3.95%	3.23%	2.64%	1.64%	1.64%	4.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,856.29
(-) Cash Dividends Paid (M)	1,039.42
(=) Cash Retained (M)	3,816.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	971.26	607.04	364.22
Cash Retained (M)	3,816.87	3,816.87	3,816.87
(-) Cash Required (M)	-971.26	-607.04	-364.22
(=) Excess Retained (M)	2,845.61	3,209.83	3,452.65
(/) Shares Outstanding (M)	5,281.40	5,281.40	5,281.40
(=) Excess Retained per Share	0.54	0.61	0.65
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.54	0.61	0.65
(=) Adjusted Dividend	0.74	0.80	0.85
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.45	$103.44	$182.87
Upside / Downside	216.76%	671.96%	1,264.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,856.29	5,171.95	5,508.13	5,866.15	6,247.45	6,653.54	6,853.15
Payout Ratio	21.40%	35.12%	48.84%	62.56%	76.28%	90.00%	92.50%
Projected Dividends (M)	1,039.42	1,816.54	2,690.29	3,669.95	4,765.60	5,988.19	6,339.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,676.61	1,692.51	1,708.40
Year 2 PV (M)	2,291.79	2,335.45	2,379.51
Year 3 PV (M)	2,885.53	2,968.36	3,052.77
Year 4 PV (M)	3,458.37	3,591.37	3,728.17
Year 5 PV (M)	4,010.86	4,204.58	4,405.72
PV of Terminal Value (M)	98,096.08	102,834.16	107,753.57
Equity Value (M)	112,419.25	117,626.43	123,028.14
Shares Outstanding (M)	5,281.40	5,281.40	5,281.40
Fair Value	$21.29	$22.27	$23.29
Upside / Downside	58.85%	66.21%	73.84%

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B3 S.A. - Brasil, Bolsa, Balcão (B3SA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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