DDM Analysis: CYRE3.SA

Valuation Snapshot

Stable Growth	$66.47 - $117.09	$87.96
Multi-Stage	$95.43 - $104.84	$100.04
Blended Fair Value	$94.00
Current Price	$30.70
Upside	206.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-22.47%	2.75%	0.61	0.86	0.07	0.55	1.64	2.18	1.17	0.10	0.29	0.43
YoY Growth	-	-	-29.45%	1,166.78%	-87.54%	-66.52%	-24.88%	85.76%	1,096.24%	-66.30%	-32.06%	-8.01%
Dividend Yield	-	-	2.55%	3.53%	0.48%	3.10%	6.52%	14.94%	6.90%	0.59%	2.03%	3.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,821.19
(-) Cash Dividends Paid (M)	223.75
(=) Cash Retained (M)	1,597.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	364.24	227.65	136.59
Cash Retained (M)	1,597.44	1,597.44	1,597.44
(-) Cash Required (M)	-364.24	-227.65	-136.59
(=) Excess Retained (M)	1,233.20	1,369.79	1,460.85
(/) Shares Outstanding (M)	366.77	366.77	366.77
(=) Excess Retained per Share	3.36	3.73	3.98
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	3.36	3.73	3.98
(=) Adjusted Dividend	3.97	4.34	4.59
WACC / Discount Rate	7.24%	7.24%	7.24%
Growth Rate	1.19%	2.19%	3.19%
Fair Value	$66.47	$87.96	$117.09
Upside / Downside	116.50%	186.51%	281.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,821.19	1,861.10	1,901.90	1,943.58	1,986.19	2,029.72	2,090.61
Payout Ratio	12.29%	27.83%	43.37%	58.91%	74.46%	90.00%	92.50%
Projected Dividends (M)	223.75	517.92	824.88	1,145.05	1,478.86	1,826.75	1,933.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.24%	7.24%	7.24%
Growth Rate	1.19%	2.19%	3.19%
Year 1 PV (M)	478.23	482.95	487.68
Year 2 PV (M)	703.30	717.26	731.37
Year 3 PV (M)	901.46	928.45	955.97
Year 4 PV (M)	1,075.03	1,118.16	1,162.57
Year 5 PV (M)	1,226.16	1,287.95	1,352.21
PV of Terminal Value (M)	30,615.60	32,158.55	33,763.08
Equity Value (M)	34,999.77	36,693.32	38,452.89
Shares Outstanding (M)	366.77	366.77	366.77
Fair Value	$95.43	$100.04	$104.84
Upside / Downside	210.84%	225.88%	241.50%

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Cyrela Brazil Realty S.A. Empreendimentos e Participações (CYRE3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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