DDM Analysis: IFI.WA

Valuation Snapshot

Stable Growth	$126.48 - $394.48	$369.69
Multi-Stage	$54.29 - $59.33	$56.76
Blended Fair Value	$213.23
Current Price	$26.50
Upside	704.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.01%	31.18%	1.03	1.40	0.98	0.39	0.16	0.15	0.13	0.13	0.03	0.08
YoY Growth	-	-	-26.43%	42.86%	151.28%	143.75%	6.67%	15.38%	0.00%	333.33%	-61.98%	15.56%
Dividend Yield	-	-	4.36%	5.60%	4.64%	1.56%	2.03%	4.52%	4.66%	3.85%	1.24%	6.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.70
(-) Cash Dividends Paid (M)	8.96
(=) Cash Retained (M)	3.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.54	1.59	0.95
Cash Retained (M)	3.74	3.74	3.74
(-) Cash Required (M)	-2.54	-1.59	-0.95
(=) Excess Retained (M)	1.20	2.15	2.78
(/) Shares Outstanding (M)	6.40	6.40	6.40
(=) Excess Retained per Share	0.19	0.34	0.43
LTM Dividend per Share	1.40	1.40	1.40
(+) Excess Retained per Share	0.19	0.34	0.43
(=) Adjusted Dividend	1.59	1.74	1.83
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$126.48	$369.69	$394.48
Upside / Downside	377.29%	1,295.06%	1,388.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.70	13.52	14.40	15.33	16.33	17.39	17.92
Payout Ratio	70.58%	74.46%	78.35%	82.23%	86.12%	90.00%	92.50%
Projected Dividends (M)	8.96	10.07	11.28	12.61	14.06	15.65	16.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9.34	9.42	9.51
Year 2 PV (M)	9.70	9.89	10.07
Year 3 PV (M)	10.06	10.34	10.64
Year 4 PV (M)	10.40	10.80	11.21
Year 5 PV (M)	10.73	11.25	11.79
PV of Terminal Value (M)	297.21	311.56	326.47
Equity Value (M)	347.44	363.27	379.70
Shares Outstanding (M)	6.40	6.40	6.40
Fair Value	$54.29	$56.76	$59.33
Upside / Downside	104.86%	114.19%	123.88%

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Ifirma S.A. (IFI.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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