DDM Analysis: CPFE3.SA

Valuation Snapshot

Stable Growth	$509.47 - $940.68	$881.56
Multi-Stage	$149.94 - $164.05	$156.86
Blended Fair Value	$519.21
Current Price	$39.40
Upside	1,217.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.48%	13.09%	3.02	3.10	3.36	3.73	1.84	0.46	0.28	0.29	0.20	0.00
YoY Growth	-	-	-2.54%	-7.80%	-9.91%	103.11%	296.28%	65.77%	-4.38%	45.39%	4,353.29%	-99.49%
Dividend Yield	-	-	8.01%	8.95%	10.62%	11.56%	6.04%	1.72%	0.94%	1.17%	0.78%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,450.17
(-) Cash Dividends Paid (M)	3,070.13
(=) Cash Retained (M)	2,380.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,090.03	681.27	408.76
Cash Retained (M)	2,380.05	2,380.05	2,380.05
(-) Cash Required (M)	-1,090.03	-681.27	-408.76
(=) Excess Retained (M)	1,290.01	1,698.77	1,971.28
(/) Shares Outstanding (M)	1,152.25	1,152.25	1,152.25
(=) Excess Retained per Share	1.12	1.47	1.71
LTM Dividend per Share	2.66	2.66	2.66
(+) Excess Retained per Share	1.12	1.47	1.71
(=) Adjusted Dividend	3.78	4.14	4.38
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$509.47	$881.56	$940.68
Upside / Downside	1,193.07%	2,137.45%	2,287.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,450.17	5,804.43	6,181.72	6,583.53	7,011.46	7,467.21	7,691.23
Payout Ratio	56.33%	63.06%	69.80%	76.53%	83.27%	90.00%	92.50%
Projected Dividends (M)	3,070.13	3,660.55	4,314.75	5,038.53	5,838.18	6,720.49	7,114.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,411.79	3,444.13	3,476.47
Year 2 PV (M)	3,748.25	3,819.65	3,891.71
Year 3 PV (M)	4,079.57	4,196.68	4,316.01
Year 4 PV (M)	4,405.79	4,575.23	4,749.50
Year 5 PV (M)	4,726.98	4,955.30	5,192.35
PV of Terminal Value (M)	152,395.60	159,756.37	167,398.84
Equity Value (M)	172,767.99	180,747.35	189,024.89
Shares Outstanding (M)	1,152.25	1,152.25	1,152.25
Fair Value	$149.94	$156.86	$164.05
Upside / Downside	280.56%	298.13%	316.37%

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CPFL Energia S.A. (CPFE3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener