DDM Analysis: TGMA3.SA

Valuation Snapshot

Stable Growth	$216.02 - $833.51	$612.64
Multi-Stage	$105.36 - $115.12	$110.15
Blended Fair Value	$361.39
Current Price	$34.72
Upside	940.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.71%	26.64%	2.74	1.71	1.12	0.79	0.34	1.57	1.15	0.46	0.00	0.08
YoY Growth	-	-	59.69%	52.53%	42.74%	131.00%	-78.34%	37.18%	148.41%	0.00%	-100.00%	-70.56%
Dividend Yield	-	-	8.14%	6.20%	6.16%	4.71%	1.81%	7.61%	4.23%	1.90%	0.00%	1.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	275.81
(-) Cash Dividends Paid (M)	179.92
(=) Cash Retained (M)	95.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.16	34.48	20.69
Cash Retained (M)	95.89	95.89	95.89
(-) Cash Required (M)	-55.16	-34.48	-20.69
(=) Excess Retained (M)	40.72	61.41	75.20
(/) Shares Outstanding (M)	65.81	65.81	65.81
(=) Excess Retained per Share	0.62	0.93	1.14
LTM Dividend per Share	2.73	2.73	2.73
(+) Excess Retained per Share	0.62	0.93	1.14
(=) Adjusted Dividend	3.35	3.67	3.88
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$216.02	$612.64	$833.51
Upside / Downside	522.17%	1,664.51%	2,300.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	275.81	293.73	312.82	333.16	354.81	377.88	389.21
Payout Ratio	65.23%	70.19%	75.14%	80.09%	85.05%	90.00%	92.50%
Projected Dividends (M)	179.92	206.16	235.06	266.84	301.76	340.09	360.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	190.62	192.43	194.24
Year 2 PV (M)	200.96	204.78	208.65
Year 3 PV (M)	210.93	216.98	223.15
Year 4 PV (M)	220.55	229.03	237.75
Year 5 PV (M)	229.83	240.93	252.45
PV of Terminal Value (M)	5,880.27	6,164.29	6,459.18
Equity Value (M)	6,933.15	7,248.44	7,575.42
Shares Outstanding (M)	65.81	65.81	65.81
Fair Value	$105.36	$110.15	$115.12
Upside / Downside	203.44%	217.24%	231.55%

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Tegma Gestão Logística S.A. (TGMA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener