DDM Analysis: BREB.BR

Valuation Snapshot

Stable Growth	$410.27 - $2,103.61	$736.73
Multi-Stage	$296.65 - $324.95	$310.54
Blended Fair Value	$523.64
Current Price	$118.20
Upside	343.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.53%	7.64%	1.29	1.22	1.15	1.08	1.02	0.94	0.85	0.77	0.70	0.63
YoY Growth	-	-	5.73%	6.08%	6.48%	5.89%	8.49%	10.60%	10.37%	10.04%	11.53%	1.60%
Dividend Yield	-	-	1.16%	1.20%	1.06%	0.85%	1.26%	1.26%	1.69%	1.54%	1.68%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	373.36
(-) Cash Dividends Paid (M)	77.95
(=) Cash Retained (M)	295.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.67	46.67	28.00
Cash Retained (M)	295.41	295.41	295.41
(-) Cash Required (M)	-74.67	-46.67	-28.00
(=) Excess Retained (M)	220.74	248.74	267.41
(/) Shares Outstanding (M)	29.31	29.31	29.31
(=) Excess Retained per Share	7.53	8.49	9.12
LTM Dividend per Share	2.66	2.66	2.66
(+) Excess Retained per Share	7.53	8.49	9.12
(=) Adjusted Dividend	10.19	11.15	11.78
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	4.53%	5.53%	6.53%
Fair Value	$410.27	$736.73	$2,103.61
Upside / Downside	247.10%	523.29%	1,679.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	373.36	394.01	415.80	438.80	463.06	488.67	503.33
Payout Ratio	20.88%	34.70%	48.53%	62.35%	76.18%	90.00%	92.50%
Projected Dividends (M)	77.95	136.73	201.77	273.59	352.74	439.81	465.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	4.53%	5.53%	6.53%
Year 1 PV (M)	126.42	127.63	128.84
Year 2 PV (M)	172.50	175.82	179.17
Year 3 PV (M)	216.27	222.54	228.93
Year 4 PV (M)	257.82	267.83	278.12
Year 5 PV (M)	297.22	311.72	326.77
PV of Terminal Value (M)	7,623.49	7,995.19	8,381.25
Equity Value (M)	8,693.74	9,100.73	9,523.08
Shares Outstanding (M)	29.31	29.31	29.31
Fair Value	$296.65	$310.54	$324.95
Upside / Downside	150.98%	162.73%	174.92%

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Brederode S.A. (BREB.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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