DDM Analysis: INCLU.BR

Valuation Snapshot

Stable Growth	$61.81 - $95.64	$77.50
Multi-Stage	$137.69 - $151.77	$144.59
Blended Fair Value	$111.05
Current Price	$17.00
Upside	553.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.74	0.70	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	7.10%	39.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.48%	5.31%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49.61
(-) Cash Dividends Paid (M)	8.83
(=) Cash Retained (M)	40.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.92	6.20	3.72
Cash Retained (M)	40.78	40.78	40.78
(-) Cash Required (M)	-9.92	-6.20	-3.72
(=) Excess Retained (M)	30.86	34.58	37.06
(/) Shares Outstanding (M)	7.47	7.47	7.47
(=) Excess Retained per Share	4.13	4.63	4.96
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	4.13	4.63	4.96
(=) Adjusted Dividend	5.31	5.81	6.14
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$61.81	$77.50	$95.64
Upside / Downside	263.62%	355.88%	462.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49.61	49.12	48.63	48.14	47.66	47.18	48.60
Payout Ratio	17.79%	32.23%	46.68%	61.12%	75.56%	90.00%	92.50%
Projected Dividends (M)	8.83	15.83	22.70	29.42	36.01	42.46	44.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.73	14.88	15.03
Year 2 PV (M)	19.64	20.04	20.45
Year 3 PV (M)	23.68	24.41	25.16
Year 4 PV (M)	26.95	28.07	29.22
Year 5 PV (M)	29.56	31.10	32.71
PV of Terminal Value (M)	913.91	961.50	1,011.05
Equity Value (M)	1,028.47	1,080.00	1,133.61
Shares Outstanding (M)	7.47	7.47	7.47
Fair Value	$137.69	$144.59	$151.77
Upside / Downside	709.97%	750.55%	792.77%

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Financial Statements

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Inclusio S.A. (INCLU.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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