DDM Analysis: DESP

Valuation Snapshot

Stable Growth	$3.07 - $4.72	$3.84
Multi-Stage	$6.96 - $7.65	$7.30
Blended Fair Value	$5.57
Current Price	$19.25
Upside	-71.08%
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	0.00%	0.00%	0.28	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.48%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.91
(-) Cash Dividends Paid (M)	23.81
(=) Cash Retained (M)	4.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.58	3.49	2.09
Cash Retained (M)	4.10	4.10	4.10
(-) Cash Required (M)	-5.58	-3.49	-2.09
(=) Excess Retained (M)	-1.49	0.61	2.00
(/) Shares Outstanding (M)	82.26	82.26	82.26
(=) Excess Retained per Share	-0.02	0.01	0.02
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	-0.02	0.01	0.02
(=) Adjusted Dividend	0.27	0.30	0.31
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.07	$3.84	$4.72
Upside / Downside	-84.04%	-80.06%	-75.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.91	27.63	27.35	27.08	26.81	26.54	27.33
Payout Ratio	85.32%	86.26%	87.19%	88.13%	89.06%	90.00%	92.50%
Projected Dividends (M)	23.81	23.83	23.85	23.86	23.87	23.88	25.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.12	22.34	22.57
Year 2 PV (M)	20.54	20.96	21.39
Year 3 PV (M)	19.08	19.67	20.27
Year 4 PV (M)	17.72	18.45	19.21
Year 5 PV (M)	16.45	17.31	18.20
PV of Terminal Value (M)	476.62	501.44	527.28
Equity Value (M)	572.53	600.18	628.92
Shares Outstanding (M)	82.26	82.26	82.26
Fair Value	$6.96	$7.30	$7.65
Upside / Downside	-63.85%	-62.10%	-60.29%

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Despegar.com, Corp. (DESP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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