DDM Analysis: SANB11.SA

Valuation Snapshot

Stable Growth	$54.69 - $319.41	$101.21
Multi-Stage	$33.68 - $36.75	$35.19
Blended Fair Value	$68.20
Current Price	$29.40
Upside	131.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.17%	9.85%	0.75	0.73	0.99	1.33	1.38	0.93	0.81	0.76	0.43	0.54
YoY Growth	-	-	3.09%	-26.28%	-25.38%	-3.63%	47.84%	14.44%	7.50%	76.04%	-19.59%	81.82%
Dividend Yield	-	-	2.82%	2.59%	3.70%	3.66%	3.62%	3.59%	1.90%	2.00%	1.62%	3.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,985.65
(-) Cash Dividends Paid (M)	9,115.64
(=) Cash Retained (M)	2,870.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,397.13	1,498.21	898.92
Cash Retained (M)	2,870.01	2,870.01	2,870.01
(-) Cash Required (M)	-2,397.13	-1,498.21	-898.92
(=) Excess Retained (M)	472.88	1,371.80	1,971.08
(/) Shares Outstanding (M)	7,462.76	7,462.76	7,462.76
(=) Excess Retained per Share	0.06	0.18	0.26
LTM Dividend per Share	1.22	1.22	1.22
(+) Excess Retained per Share	0.06	0.18	0.26
(=) Adjusted Dividend	1.28	1.41	1.49
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.69	$101.21	$319.41
Upside / Downside	86.01%	244.26%	986.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,985.65	12,764.71	13,594.42	14,478.06	15,419.13	16,421.37	16,914.01
Payout Ratio	76.05%	78.84%	81.63%	84.42%	87.21%	90.00%	92.50%
Projected Dividends (M)	9,115.64	10,064.17	11,097.50	12,222.64	13,447.16	14,779.24	15,645.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,232.99	9,320.51	9,408.03
Year 2 PV (M)	9,340.16	9,518.07	9,697.65
Year 3 PV (M)	9,437.54	9,708.46	9,984.51
Year 4 PV (M)	9,525.53	9,891.85	10,268.65
Year 5 PV (M)	9,604.50	10,068.41	10,550.06
PV of Terminal Value (M)	204,217.04	214,080.80	224,322.07
Equity Value (M)	251,357.77	262,588.10	274,230.96
Shares Outstanding (M)	7,462.76	7,462.76	7,462.76
Fair Value	$33.68	$35.19	$36.75
Upside / Downside	14.56%	19.68%	24.99%

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Financial Statements

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Banco Santander (Brasil) S.A. (SANB11.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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