DDM Analysis: CCU.SN

Valuation Snapshot

Stable Growth	$13,422.99 - $72,267.02	$26,364.91
Multi-Stage	$11,060.13 - $12,111.86	$11,576.23
Blended Fair Value	$18,970.57
Current Price	$6,050.50
Upside	213.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-17.81%	2.28%	221.37	177.49	428.47	741.91	276.41	590.08	202.50	203.32	188.96	179.02
YoY Growth	-	-	24.72%	-58.58%	-42.25%	168.40%	-53.16%	191.39%	-0.40%	7.60%	5.55%	1.27%
Dividend Yield	-	-	3.07%	3.04%	7.00%	12.60%	4.38%	10.05%	2.08%	2.31%	2.27%	2.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136,209.20
(-) Cash Dividends Paid (M)	88,216.00
(=) Cash Retained (M)	47,993.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27,241.84	17,026.15	10,215.69
Cash Retained (M)	47,993.20	47,993.20	47,993.20
(-) Cash Required (M)	-27,241.84	-17,026.15	-10,215.69
(=) Excess Retained (M)	20,751.36	30,967.05	37,777.51
(/) Shares Outstanding (M)	369.50	369.50	369.50
(=) Excess Retained per Share	56.16	83.81	102.24
LTM Dividend per Share	238.74	238.74	238.74
(+) Excess Retained per Share	56.16	83.81	102.24
(=) Adjusted Dividend	294.90	322.55	340.98
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	3.97%	4.97%	5.97%
Fair Value	$13,422.99	$26,364.91	$72,267.02
Upside / Downside	121.85%	335.75%	1,094.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136,209.20	142,977.80	150,082.75	157,540.77	165,369.40	173,587.05	178,794.66
Payout Ratio	64.77%	69.81%	74.86%	79.91%	84.95%	90.00%	92.50%
Projected Dividends (M)	88,216.00	99,815.75	112,350.52	125,884.58	140,486.29	156,228.34	165,385.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	3.97%	4.97%	5.97%
Year 1 PV (M)	93,046.23	93,941.17	94,836.11
Year 2 PV (M)	97,628.02	99,515.07	101,420.18
Year 3 PV (M)	101,969.81	104,940.51	107,968.35
Year 4 PV (M)	106,079.81	110,220.27	114,480.76
Year 5 PV (M)	109,965.97	115,357.07	120,957.57
PV of Terminal Value (M)	3,578,063.08	3,753,478.26	3,935,706.76
Equity Value (M)	4,086,752.93	4,277,452.35	4,475,369.73
Shares Outstanding (M)	369.50	369.50	369.50
Fair Value	$11,060.13	$11,576.23	$12,111.86
Upside / Downside	82.80%	91.33%	100.18%

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Compañía Cervecerías Unidas S.A. (CCU.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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