DDM Analysis: CENCOSUD.SN

Valuation Snapshot

Stable Growth	$2,104.88 - $4,091.33	$2,894.15
Multi-Stage	$2,495.76 - $2,738.78	$2,614.97
Blended Fair Value	$2,754.56
Current Price	$2,735.00
Upside	0.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.53%	0.53%	21.03	103.13	128.30	250.60	32.61	10.22	25.55	51.09	81.16	28.87
YoY Growth	-	-	-79.61%	-19.62%	-48.80%	668.52%	219.09%	-60.00%	-49.99%	-37.05%	181.09%	44.74%
Dividend Yield	-	-	0.73%	6.01%	8.35%	16.17%	2.12%	1.15%	2.16%	2.76%	4.00%	1.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	365,825.79
(-) Cash Dividends Paid (M)	41,941.21
(=) Cash Retained (M)	323,884.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	73,165.16	45,728.22	27,436.93
Cash Retained (M)	323,884.59	323,884.59	323,884.59
(-) Cash Required (M)	-73,165.16	-45,728.22	-27,436.93
(=) Excess Retained (M)	250,719.43	278,156.36	296,447.65
(/) Shares Outstanding (M)	2,801.75	2,801.75	2,801.75
(=) Excess Retained per Share	89.49	99.28	105.81
LTM Dividend per Share	14.97	14.97	14.97
(+) Excess Retained per Share	89.49	99.28	105.81
(=) Adjusted Dividend	104.46	114.25	120.78
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	2.41%	3.41%	4.41%
Fair Value	$2,104.88	$2,894.15	$4,091.33
Upside / Downside	-23.04%	5.82%	49.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	365,825.79	378,306.52	391,213.04	404,559.89	418,362.09	432,635.17	445,614.23
Payout Ratio	11.46%	27.17%	42.88%	58.59%	74.29%	90.00%	92.50%
Projected Dividends (M)	41,941.21	102,792.85	167,747.78	237,015.14	310,813.58	389,371.66	412,193.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	2.41%	3.41%	4.41%
Year 1 PV (M)	94,701.94	95,626.66	96,551.37
Year 2 PV (M)	142,379.90	145,174.02	147,995.28
Year 3 PV (M)	185,337.78	190,820.16	196,409.61
Year 4 PV (M)	223,915.32	232,789.95	241,925.80
Year 5 PV (M)	258,430.70	271,296.77	284,670.25
PV of Terminal Value (M)	6,087,713.87	6,390,793.02	6,705,824.86
Equity Value (M)	6,992,479.51	7,326,500.57	7,673,377.18
Shares Outstanding (M)	2,801.75	2,801.75	2,801.75
Fair Value	$2,495.76	$2,614.97	$2,738.78
Upside / Downside	-8.75%	-4.39%	0.14%

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Cencosud S.A. (CENCOSUD.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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