DDM Analysis: CURY3.SA

Valuation Snapshot

Stable Growth	$351.25 - $575.67	$539.49
Multi-Stage	$93.96 - $102.83	$98.32
Blended Fair Value	$318.90
Current Price	$34.57
Upside	822.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.19%	21.83%	1.61	1.09	0.50	0.55	0.56	0.45	0.47	0.23	0.00	0.27
YoY Growth	-	-	47.26%	118.90%	-9.09%	-2.94%	26.52%	-4.70%	104.28%	0.00%	-100.00%	19.58%
Dividend Yield	-	-	6.54%	5.39%	3.88%	7.24%	5.80%	4.72%	4.95%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	871.24
(-) Cash Dividends Paid (M)	429.34
(=) Cash Retained (M)	441.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	174.25	108.91	65.34
Cash Retained (M)	441.91	441.91	441.91
(-) Cash Required (M)	-174.25	-108.91	-65.34
(=) Excess Retained (M)	267.66	333.00	376.56
(/) Shares Outstanding (M)	300.98	300.98	300.98
(=) Excess Retained per Share	0.89	1.11	1.25
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	0.89	1.11	1.25
(=) Adjusted Dividend	2.32	2.53	2.68
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$351.25	$539.49	$575.67
Upside / Downside	916.05%	1,460.57%	1,565.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	871.24	927.87	988.19	1,052.42	1,120.82	1,193.68	1,229.49
Payout Ratio	49.28%	57.42%	65.57%	73.71%	81.86%	90.00%	92.50%
Projected Dividends (M)	429.34	532.81	647.93	775.75	917.46	1,074.31	1,137.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	497.02	501.73	506.44
Year 2 PV (M)	563.79	574.53	585.37
Year 3 PV (M)	629.67	647.75	666.16
Year 4 PV (M)	694.66	721.38	748.85
Year 5 PV (M)	758.77	795.42	833.48
PV of Terminal Value (M)	25,136.46	26,350.56	27,611.13
Equity Value (M)	28,280.37	29,591.36	30,951.43
Shares Outstanding (M)	300.98	300.98	300.98
Fair Value	$93.96	$98.32	$102.83
Upside / Downside	171.80%	184.40%	197.47%

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Financial Statements

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Cury Construtora e Incorporadora S.A. (CURY3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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