DDM Analysis: FLRY3.SA

Valuation Snapshot

Stable Growth	$49.00 - $219.17	$114.32
Multi-Stage	$26.45 - $28.87	$27.64
Blended Fair Value	$70.98
Current Price	$16.14
Upside	339.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.23%	5.55%	0.63	0.94	0.62	0.54	0.42	0.56	0.56	0.24	0.71	0.03
YoY Growth	-	-	-32.69%	51.28%	13.87%	29.36%	-25.54%	1.40%	133.11%	-66.16%	2,271.44%	-91.90%
Dividend Yield	-	-	5.39%	6.81%	5.02%	4.11%	2.10%	3.67%	3.68%	1.26%	4.92%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	600.42
(-) Cash Dividends Paid (M)	516.38
(=) Cash Retained (M)	84.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	120.08	75.05	45.03
Cash Retained (M)	84.05	84.05	84.05
(-) Cash Required (M)	-120.08	-75.05	-45.03
(=) Excess Retained (M)	-36.04	8.99	39.01
(/) Shares Outstanding (M)	544.83	544.83	544.83
(=) Excess Retained per Share	-0.07	0.02	0.07
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	-0.07	0.02	0.07
(=) Adjusted Dividend	0.88	0.96	1.02
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.00	$114.32	$219.17
Upside / Downside	203.57%	608.28%	1,257.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	600.42	639.45	681.02	725.28	772.43	822.63	847.31
Payout Ratio	86.00%	86.80%	87.60%	88.40%	89.20%	90.00%	92.50%
Projected Dividends (M)	516.38	555.06	596.58	641.16	689.01	740.37	783.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	511.97	516.82	521.67
Year 2 PV (M)	507.55	517.22	526.98
Year 3 PV (M)	503.13	517.57	532.29
Year 4 PV (M)	498.71	517.88	537.61
Year 5 PV (M)	494.28	518.16	542.94
PV of Terminal Value (M)	11,896.56	12,471.17	13,067.77
Equity Value (M)	14,412.19	15,058.82	15,729.26
Shares Outstanding (M)	544.83	544.83	544.83
Fair Value	$26.45	$27.64	$28.87
Upside / Downside	63.89%	71.25%	78.87%

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Fleury S.A. (FLRY3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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