DDM Analysis: XTB.WA

Valuation Snapshot

Stable Growth	$420.38 - $1,360.32	$1,274.82
Multi-Stage	$185.96 - $203.14	$194.39
Blended Fair Value	$734.61
Current Price	$81.46
Upside	801.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	96.87%	0.00%	5.02	4.85	1.50	1.79	0.24	0.17	0.35	0.32	0.78	0.66
YoY Growth	-	-	3.46%	224.00%	-16.20%	645.84%	41.18%	-51.43%	9.37%	-58.97%	18.11%	0.00%
Dividend Yield	-	-	7.37%	8.55%	4.73%	9.23%	1.40%	3.69%	8.85%	5.81%	8.49%	5.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	804.00
(-) Cash Dividends Paid (M)	640.75
(=) Cash Retained (M)	163.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	160.80	100.50	60.30
Cash Retained (M)	163.24	163.24	163.24
(-) Cash Required (M)	-160.80	-100.50	-60.30
(=) Excess Retained (M)	2.44	62.74	102.94
(/) Shares Outstanding (M)	117.54	117.54	117.54
(=) Excess Retained per Share	0.02	0.53	0.88
LTM Dividend per Share	5.45	5.45	5.45
(+) Excess Retained per Share	0.02	0.53	0.88
(=) Adjusted Dividend	5.47	5.99	6.33
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$420.38	$1,274.82	$1,360.32
Upside / Downside	416.05%	1,464.97%	1,569.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	804.00	856.26	911.91	971.19	1,034.31	1,101.54	1,134.59
Payout Ratio	79.70%	81.76%	83.82%	85.88%	87.94%	90.00%	92.50%
Projected Dividends (M)	640.75	700.05	764.34	834.04	909.57	991.39	1,049.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	648.87	655.02	661.18
Year 2 PV (M)	656.68	669.19	681.82
Year 3 PV (M)	664.18	683.25	702.68
Year 4 PV (M)	671.38	697.20	723.76
Year 5 PV (M)	678.29	711.05	745.06
PV of Terminal Value (M)	18,538.21	19,433.61	20,363.28
Equity Value (M)	21,857.61	22,849.32	23,877.77
Shares Outstanding (M)	117.54	117.54	117.54
Fair Value	$185.96	$194.39	$203.14
Upside / Downside	128.28%	138.64%	149.38%

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XTB S.A. (XTB.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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