DDM Analysis: SOF.BR

Valuation Snapshot

Stable Growth	$981.58 - $5,022.27	$2,008.99
Multi-Stage	$534.84 - $585.37	$559.64
Blended Fair Value	$1,284.31
Current Price	$280.00
Upside	358.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.44%	3.95%	3.32	3.22	3.13	3.03	2.91	2.80	2.68	2.57	2.46	2.36
YoY Growth	-	-	2.97%	3.00%	3.28%	3.92%	4.03%	4.51%	4.35%	4.47%	4.12%	4.88%
Dividend Yield	-	-	1.52%	1.43%	1.52%	0.70%	1.05%	1.45%	1.62%	1.96%	1.96%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	847.21
(-) Cash Dividends Paid (M)	111.24
(=) Cash Retained (M)	735.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.44	105.90	63.54
Cash Retained (M)	735.97	735.97	735.97
(-) Cash Required (M)	-169.44	-105.90	-63.54
(=) Excess Retained (M)	566.53	630.07	672.43
(/) Shares Outstanding (M)	33.55	33.55	33.55
(=) Excess Retained per Share	16.89	18.78	20.04
LTM Dividend per Share	3.32	3.32	3.32
(+) Excess Retained per Share	16.89	18.78	20.04
(=) Adjusted Dividend	20.20	22.10	23.36
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$981.58	$2,008.99	$5,022.27
Upside / Downside	250.56%	617.50%	1,693.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	847.21	902.28	960.93	1,023.39	1,089.91	1,160.75	1,195.58
Payout Ratio	13.13%	28.50%	43.88%	59.25%	74.63%	90.00%	92.50%
Projected Dividends (M)	111.24	257.19	421.64	606.38	813.36	1,044.68	1,105.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	236.62	238.86	241.10
Year 2 PV (M)	356.90	363.70	370.56
Year 3 PV (M)	472.23	485.78	499.60
Year 4 PV (M)	582.76	605.17	628.22
Year 5 PV (M)	688.65	721.91	756.44
PV of Terminal Value (M)	15,605.81	16,359.57	17,142.19
Equity Value (M)	17,942.96	18,774.99	19,638.11
Shares Outstanding (M)	33.55	33.55	33.55
Fair Value	$534.84	$559.64	$585.37
Upside / Downside	91.01%	99.87%	109.06%

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Sofina S.A. (SOF.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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