DDM Analysis: BPAN4.SA

Valuation Snapshot

Stable Growth	$18.14 - $83.06	$31.85
Multi-Stage	$11.24 - $12.28	$11.75
Blended Fair Value	$21.80
Current Price	$7.78
Upside	180.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.78%	0.00%	0.22	0.26	0.24	0.20	0.16	0.07	0.00	0.00	0.00	0.00
YoY Growth	-	-	-14.69%	7.85%	16.40%	26.66%	132.08%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.00%	2.81%	4.95%	2.14%	1.66%	1.70%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	722.94
(-) Cash Dividends Paid (M)	302.00
(=) Cash Retained (M)	420.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	144.59	90.37	54.22
Cash Retained (M)	420.94	420.94	420.94
(-) Cash Required (M)	-144.59	-90.37	-54.22
(=) Excess Retained (M)	276.36	330.58	366.72
(/) Shares Outstanding (M)	1,249.49	1,249.49	1,249.49
(=) Excess Retained per Share	0.22	0.26	0.29
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.22	0.26	0.29
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	8.19%	8.19%	8.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.14	$31.85	$83.06
Upside / Downside	133.10%	309.42%	967.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	722.94	769.94	819.98	873.28	930.04	990.50	1,020.21
Payout Ratio	41.77%	51.42%	61.06%	70.71%	80.35%	90.00%	92.50%
Projected Dividends (M)	302.00	395.89	500.71	617.49	747.33	891.45	943.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.19%	8.19%	8.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	362.48	365.91	369.35
Year 2 PV (M)	419.76	427.75	435.83
Year 3 PV (M)	473.96	487.57	501.43
Year 4 PV (M)	525.21	545.41	566.18
Year 5 PV (M)	573.61	601.32	630.09
PV of Terminal Value (M)	11,693.98	12,258.80	12,845.24
Equity Value (M)	14,049.00	14,686.77	15,348.12
Shares Outstanding (M)	1,249.49	1,249.49	1,249.49
Fair Value	$11.24	$11.75	$12.28
Upside / Downside	44.52%	51.08%	57.89%

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Financial Statements

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Banco Pan S.A. (BPAN4.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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