DDM Analysis: BBSE3.SA

Valuation Snapshot

Stable Growth	$87.06 - $184.81	$123.63
Multi-Stage	$69.86 - $75.96	$72.86
Blended Fair Value	$98.24
Current Price	$33.26
Upside	195.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.39%	8.05%	2.68	3.59	2.02	1.03	2.87	3.02	1.80	1.69	1.72	1.73
YoY Growth	-	-	-25.39%	77.32%	97.21%	-64.21%	-5.08%	68.13%	6.09%	-1.69%	-0.59%	40.37%
Dividend Yield	-	-	6.64%	10.95%	6.14%	3.88%	11.20%	11.29%	5.97%	4.72%	4.57%	4.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,998.88
(-) Cash Dividends Paid (M)	8,273.74
(=) Cash Retained (M)	725.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,799.78	1,124.86	674.92
Cash Retained (M)	725.14	725.14	725.14
(-) Cash Required (M)	-1,799.78	-1,124.86	-674.92
(=) Excess Retained (M)	-1,074.64	-399.72	50.22
(/) Shares Outstanding (M)	1,941.20	1,941.20	1,941.20
(=) Excess Retained per Share	-0.55	-0.21	0.03
LTM Dividend per Share	4.26	4.26	4.26
(+) Excess Retained per Share	-0.55	-0.21	0.03
(=) Adjusted Dividend	3.71	4.06	4.29
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$87.06	$123.63	$184.81
Upside / Downside	161.74%	271.70%	455.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,998.88	9,583.81	10,206.75	10,870.19	11,576.76	12,329.25	12,699.12
Payout Ratio	91.94%	91.55%	91.17%	90.78%	90.39%	90.00%	92.50%
Projected Dividends (M)	8,273.74	8,774.31	9,305.00	9,867.61	10,464.04	11,096.32	11,746.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,902.16	7,977.06	8,051.96
Year 2 PV (M)	7,547.13	7,690.88	7,835.99
Year 3 PV (M)	7,207.92	7,414.83	7,625.67
Year 4 PV (M)	6,883.83	7,148.56	7,420.86
Year 5 PV (M)	6,574.19	6,891.72	7,221.41
PV of Terminal Value (M)	99,502.41	104,308.42	109,298.36
Equity Value (M)	135,617.64	141,431.48	147,454.25
Shares Outstanding (M)	1,941.20	1,941.20	1,941.20
Fair Value	$69.86	$72.86	$75.96
Upside / Downside	110.05%	119.05%	128.38%

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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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Financial Statements

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BB Seguridade Participações S.A. (BBSE3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener