DDM Analysis: ABEV3.SA

Valuation Snapshot

Stable Growth	$114.27 - $202.88	$190.12
Multi-Stage	$33.35 - $36.45	$34.87
Blended Fair Value	$112.50
Current Price	$12.09
Upside	830.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.42%	-10.32%	0.26	0.76	0.78	0.71	0.44	0.50	0.56	0.56	0.66	0.73
YoY Growth	-	-	-65.98%	-2.62%	10.14%	62.26%	-12.97%	-10.70%	-0.06%	-14.62%	-10.09%	-4.72%
Dividend Yield	-	-	1.91%	6.47%	5.66%	4.71%	2.90%	4.23%	3.34%	2.31%	3.59%	3.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,037.07
(-) Cash Dividends Paid (M)	14,642.64
(=) Cash Retained (M)	1,394.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,207.41	2,004.63	1,202.78
Cash Retained (M)	1,394.43	1,394.43	1,394.43
(-) Cash Required (M)	-3,207.41	-2,004.63	-1,202.78
(=) Excess Retained (M)	-1,812.99	-610.20	191.65
(/) Shares Outstanding (M)	15,720.83	15,720.83	15,720.83
(=) Excess Retained per Share	-0.12	-0.04	0.01
LTM Dividend per Share	0.93	0.93	0.93
(+) Excess Retained per Share	-0.12	-0.04	0.01
(=) Adjusted Dividend	0.82	0.89	0.94
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$114.27	$190.12	$202.88
Upside / Downside	845.16%	1,472.57%	1,578.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,037.07	17,079.48	18,189.65	19,371.97	20,631.15	21,972.18	22,631.34
Payout Ratio	91.30%	91.04%	90.78%	90.52%	90.26%	90.00%	92.50%
Projected Dividends (M)	14,642.64	15,549.84	16,513.10	17,535.89	18,621.88	19,774.96	20,933.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14,497.25	14,634.66	14,772.08
Year 2 PV (M)	14,353.18	14,626.57	14,902.54
Year 3 PV (M)	14,210.43	14,618.36	15,034.02
Year 4 PV (M)	14,068.98	14,610.03	15,166.55
Year 5 PV (M)	13,928.82	14,601.59	15,300.11
PV of Terminal Value (M)	453,216.36	475,106.88	497,835.20
Equity Value (M)	524,275.03	548,198.10	573,010.50
Shares Outstanding (M)	15,720.83	15,720.83	15,720.83
Fair Value	$33.35	$34.87	$36.45
Upside / Downside	175.84%	188.43%	201.48%

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Ambev S.A. (ABEV3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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