DDM Analysis: HBOR3.SA

Valuation Snapshot

Stable Growth	$2.79 - $4.27	$3.49
Multi-Stage	$6.46 - $7.11	$6.78
Blended Fair Value	$5.13
Current Price	$3.77
Upside	36.14%
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%	-21.15%	0.09	0.09	0.18	0.05	0.00	0.00	0.00	0.00	0.12	0.75
YoY Growth	-	-	-0.40%	-49.44%	280.76%	0.00%	0.00%	0.00%	0.00%	-100.00%	-83.66%	-23.00%
Dividend Yield	-	-	5.03%	3.05%	8.86%	1.22%	0.00%	0.00%	0.00%	0.00%	1.06%	10.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.51
(-) Cash Dividends Paid (M)	13.42
(=) Cash Retained (M)	28.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.30	5.19	3.11
Cash Retained (M)	28.09	28.09	28.09
(-) Cash Required (M)	-8.30	-5.19	-3.11
(=) Excess Retained (M)	19.79	22.90	24.97
(/) Shares Outstanding (M)	132.73	132.73	132.73
(=) Excess Retained per Share	0.15	0.17	0.19
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.15	0.17	0.19
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.32%	-1.32%	-0.32%
Fair Value	$2.79	$3.49	$4.27
Upside / Downside	-25.88%	-7.52%	13.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.51	40.96	40.42	39.89	39.36	38.84	40.01
Payout Ratio	32.33%	43.87%	55.40%	66.93%	78.47%	90.00%	92.50%
Projected Dividends (M)	13.42	17.97	22.39	26.70	30.88	34.96	37.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.32%	-1.32%	-0.32%
Year 1 PV (M)	16.71	16.88	17.05
Year 2 PV (M)	19.37	19.77	20.17
Year 3 PV (M)	21.48	22.15	22.83
Year 4 PV (M)	23.11	24.07	25.07
Year 5 PV (M)	24.33	25.60	26.93
PV of Terminal Value (M)	751.97	791.26	832.17
Equity Value (M)	856.98	899.74	944.22
Shares Outstanding (M)	132.73	132.73	132.73
Fair Value	$6.46	$6.78	$7.11
Upside / Downside	71.26%	79.81%	88.70%

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Helbor Empreendimentos S.A. (HBOR3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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