DDM Analysis: BOLSAA.MX

Valuation Snapshot

Stable Growth	$58.96 - $125.77	$83.88
Multi-Stage	$75.88 - $83.05	$79.40
Blended Fair Value	$81.64
Current Price	$43.05
Upside	89.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.70%	6.44%	2.26	2.49	2.38	2.24	2.01	1.98	1.68	1.39	1.21	1.07
YoY Growth	-	-	-9.22%	4.69%	6.16%	11.39%	1.69%	17.88%	20.80%	14.68%	13.60%	-11.97%
Dividend Yield	-	-	6.64%	6.74%	6.18%	5.34%	4.88%	5.47%	4.18%	4.01%	3.91%	3.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,713.81
(-) Cash Dividends Paid (M)	1,448.10
(=) Cash Retained (M)	265.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	342.76	214.23	128.54
Cash Retained (M)	265.70	265.70	265.70
(-) Cash Required (M)	-342.76	-214.23	-128.54
(=) Excess Retained (M)	-77.06	51.48	137.17
(/) Shares Outstanding (M)	532.77	532.77	532.77
(=) Excess Retained per Share	-0.14	0.10	0.26
LTM Dividend per Share	2.72	2.72	2.72
(+) Excess Retained per Share	-0.14	0.10	0.26
(=) Adjusted Dividend	2.57	2.81	2.98
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	2.43%	3.43%	4.43%
Fair Value	$58.96	$83.88	$125.77
Upside / Downside	36.96%	94.85%	192.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,713.81	1,772.60	1,833.42	1,896.32	1,961.38	2,028.67	2,089.53
Payout Ratio	84.50%	85.60%	86.70%	87.80%	88.90%	90.00%	92.50%
Projected Dividends (M)	1,448.10	1,517.30	1,589.54	1,664.94	1,743.65	1,825.81	1,932.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	2.43%	3.43%	4.43%
Year 1 PV (M)	1,405.62	1,419.34	1,433.06
Year 2 PV (M)	1,364.16	1,390.92	1,417.95
Year 3 PV (M)	1,323.70	1,362.85	1,402.76
Year 4 PV (M)	1,284.24	1,335.13	1,387.52
Year 5 PV (M)	1,245.77	1,307.78	1,372.24
PV of Terminal Value (M)	33,801.93	35,484.45	37,233.31
Equity Value (M)	40,425.42	42,300.48	44,246.84
Shares Outstanding (M)	532.77	532.77	532.77
Fair Value	$75.88	$79.40	$83.05
Upside / Downside	76.26%	84.43%	92.92%

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Bolsa Mexicana de Valores, S.A.B. de C.V. (BOLSAA.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener