DDM Analysis: AZE.BR

Valuation Snapshot

Stable Growth	$9.35 - $13.73	$11.46
Multi-Stage	$16.42 - $18.06	$17.23
Blended Fair Value	$14.34
Current Price	$13.53
Upside	6.01%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.22	0.28	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-21.34%	866.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.15%	1.23%	0.11%	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)	296.71
(-) Cash Dividends Paid (M)	73.39
(=) Cash Retained (M)	223.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.34	37.09	22.25
Cash Retained (M)	223.32	223.32	223.32
(-) Cash Required (M)	-59.34	-37.09	-22.25
(=) Excess Retained (M)	163.98	186.23	201.07
(/) Shares Outstanding (M)	244.30	244.30	244.30
(=) Excess Retained per Share	0.67	0.76	0.82
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.67	0.76	0.82
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.35	$11.46	$13.73
Upside / Downside	-30.87%	-15.30%	1.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	296.71	293.75	290.81	287.90	285.02	282.17	290.64
Payout Ratio	24.74%	37.79%	50.84%	63.89%	76.95%	90.00%	92.50%
Projected Dividends (M)	73.39	111.00	147.85	183.95	219.32	253.95	268.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	101.57	102.61	103.64
Year 2 PV (M)	123.80	126.34	128.90
Year 3 PV (M)	140.94	145.30	149.75
Year 4 PV (M)	153.76	160.13	166.70
Year 5 PV (M)	162.92	171.40	180.23
PV of Terminal Value (M)	3,329.31	3,502.67	3,683.18
Equity Value (M)	4,012.29	4,208.44	4,412.41
Shares Outstanding (M)	244.30	244.30	244.30
Fair Value	$16.42	$17.23	$18.06
Upside / Downside	21.39%	27.32%	33.49%

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Azelis Group N.V. (AZE.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener