DDM Analysis: BEES3.SA

Valuation Snapshot

Stable Growth	$66.92 - $241.95	$212.11
Multi-Stage	$30.97 - $33.87	$32.40
Blended Fair Value	$122.25
Current Price	$8.14
Upside	1,401.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.38%	0.00%	0.18	0.18	0.57	0.34	0.23	0.29	0.24	0.19	0.19	0.00
YoY Growth	-	-	1.75%	-69.07%	68.98%	47.20%	-21.95%	22.28%	25.47%	3.12%	0.00%	0.00%
Dividend Yield	-	-	2.29%	2.05%	9.06%	6.58%	4.62%	5.83%	4.90%	4.63%	5.15%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	393.95
(-) Cash Dividends Paid (M)	188.20
(=) Cash Retained (M)	205.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.79	49.24	29.55
Cash Retained (M)	205.75	205.75	205.75
(-) Cash Required (M)	-78.79	-49.24	-29.55
(=) Excess Retained (M)	126.96	156.51	176.20
(/) Shares Outstanding (M)	323.81	323.81	323.81
(=) Excess Retained per Share	0.39	0.48	0.54
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.39	0.48	0.54
(=) Adjusted Dividend	0.97	1.06	1.13
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.92	$212.11	$241.95
Upside / Downside	722.05%	2,505.73%	2,872.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	393.95	419.56	446.83	475.87	506.80	539.75	555.94
Payout Ratio	47.77%	56.22%	64.66%	73.11%	81.55%	90.00%	92.50%
Projected Dividends (M)	188.20	235.87	288.93	347.90	413.32	485.77	514.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	218.30	220.36	222.43
Year 2 PV (M)	247.49	252.20	256.96
Year 3 PV (M)	275.80	283.72	291.79
Year 4 PV (M)	303.25	314.91	326.91
Year 5 PV (M)	329.86	345.79	362.33
PV of Terminal Value (M)	8,655.11	9,073.15	9,507.20
Equity Value (M)	10,029.81	10,490.15	10,967.62
Shares Outstanding (M)	323.81	323.81	323.81
Fair Value	$30.97	$32.40	$33.87
Upside / Downside	280.52%	297.98%	316.10%

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Banestes S.A. - Banco do Estado do Espírito Santo (BEES3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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