DDM Analysis: ELMD3.SA

Valuation Snapshot

Stable Growth	$27.45 - $156.01	$51.76
Multi-Stage	$15.70 - $17.18	$16.43
Blended Fair Value	$34.09
Current Price	$30.10
Upside	13.27%
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	103.20%	7.23%	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.28%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.11
(-) Cash Dividends Paid (M)	12.06
(=) Cash Retained (M)	100.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.42	14.01	8.41
Cash Retained (M)	100.05	100.05	100.05
(-) Cash Required (M)	-22.42	-14.01	-8.41
(=) Excess Retained (M)	77.63	86.04	91.64
(/) Shares Outstanding (M)	142.91	142.91	142.91
(=) Excess Retained per Share	0.54	0.60	0.64
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.54	0.60	0.64
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.45	$51.76	$156.01
Upside / Downside	-8.82%	71.97%	418.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.11	119.39	127.15	135.42	144.22	153.59	158.20
Payout Ratio	10.75%	26.60%	42.45%	58.30%	74.15%	90.00%	92.50%
Projected Dividends (M)	12.06	31.76	53.98	78.95	106.94	138.24	146.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.16	29.43	29.71
Year 2 PV (M)	45.49	46.35	47.23
Year 3 PV (M)	61.07	62.83	64.61
Year 4 PV (M)	75.94	78.86	81.86
Year 5 PV (M)	90.11	94.46	98.98
PV of Terminal Value (M)	1,941.92	2,035.72	2,133.10
Equity Value (M)	2,243.69	2,347.65	2,455.50
Shares Outstanding (M)	142.91	142.91	142.91
Fair Value	$15.70	$16.43	$17.18
Upside / Downside	-47.84%	-45.42%	-42.92%

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Eletromidia S.A. (ELMD3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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