DDM Analysis: ARZZ3.SA

Valuation Snapshot

Stable Growth	$653.98 - $770.50	$722.07
Multi-Stage	$456.86 - $501.20	$478.62
Blended Fair Value	$600.35
Current Price	$51.09
Upside	1,075.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	32.05%	24.28%	2.62	1.59	0.28	1.51	1.27	0.65	1.25	0.26	0.40	0.28
YoY Growth	-	-	64.90%	458.51%	-81.19%	19.14%	94.49%	-47.96%	373.31%	-33.18%	40.26%	-5.17%
Dividend Yield	-	-	4.20%	2.53%	0.33%	2.25%	3.64%	1.38%	2.77%	0.99%	2.07%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	438.15
(-) Cash Dividends Paid (M)	296.30
(=) Cash Retained (M)	141.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.63	54.77	32.86
Cash Retained (M)	141.85	141.85	141.85
(-) Cash Required (M)	-87.63	-54.77	-32.86
(=) Excess Retained (M)	54.22	87.08	108.99
(/) Shares Outstanding (M)	113.09	113.09	113.09
(=) Excess Retained per Share	0.48	0.77	0.96
LTM Dividend per Share	2.62	2.62	2.62
(+) Excess Retained per Share	0.48	0.77	0.96
(=) Adjusted Dividend	3.10	3.39	3.58
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$653.98	$722.07	$770.50
Upside / Downside	1,180.05%	1,313.33%	1,408.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	438.15	466.63	496.96	529.26	563.67	600.30	618.31
Payout Ratio	67.63%	72.10%	76.58%	81.05%	85.53%	90.00%	92.50%
Projected Dividends (M)	296.30	336.44	380.55	428.97	482.08	540.27	571.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	327.11	330.21	333.31
Year 2 PV (M)	359.72	366.57	373.49
Year 3 PV (M)	394.24	405.56	417.09
Year 4 PV (M)	430.75	447.32	464.36
Year 5 PV (M)	469.36	492.03	515.56
PV of Terminal Value (M)	49,686.62	52,086.50	54,578.23
Equity Value (M)	51,667.79	54,128.18	56,682.04
Shares Outstanding (M)	113.09	113.09	113.09
Fair Value	$456.86	$478.62	$501.20
Upside / Downside	794.24%	836.82%	881.02%

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Financial Statements

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Arezzo Indústria e Comércio S.A. (ARZZ3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener