DDM Analysis: MILS3.SA

Valuation Snapshot

Stable Growth	$81.00 - $253.89	$237.93
Multi-Stage	$38.87 - $42.50	$40.65
Blended Fair Value	$139.29
Current Price	$11.89
Upside	1,071.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-3.16%	0.15	0.01	0.06	0.19	0.00	0.00	0.00	0.00	0.00	0.09
YoY Growth	-	-	2,706.79%	-90.57%	-70.27%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-53.34%
Dividend Yield	-	-	1.54%	0.04%	0.62%	2.74%	0.00%	0.00%	0.00%	0.00%	0.00%	3.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	297.96
(-) Cash Dividends Paid (M)	242.86
(=) Cash Retained (M)	55.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.59	37.25	22.35
Cash Retained (M)	55.10	55.10	55.10
(-) Cash Required (M)	-59.59	-37.25	-22.35
(=) Excess Retained (M)	-4.49	17.85	32.75
(/) Shares Outstanding (M)	232.50	232.50	232.50
(=) Excess Retained per Share	-0.02	0.08	0.14
LTM Dividend per Share	1.04	1.04	1.04
(+) Excess Retained per Share	-0.02	0.08	0.14
(=) Adjusted Dividend	1.03	1.12	1.19
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.09%	6.09%	7.09%
Fair Value	$81.00	$237.93	$253.89
Upside / Downside	581.24%	1,901.08%	2,035.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	297.96	316.11	335.36	355.78	377.44	400.43	412.44
Payout Ratio	81.51%	83.21%	84.90%	86.60%	88.30%	90.00%	92.50%
Projected Dividends (M)	242.86	263.02	284.73	308.11	333.29	360.39	381.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.09%	6.09%	7.09%
Year 1 PV (M)	244.82	247.15	249.48
Year 2 PV (M)	246.70	251.41	256.18
Year 3 PV (M)	248.49	255.65	262.95
Year 4 PV (M)	250.19	259.85	269.79
Year 5 PV (M)	251.82	264.03	276.71
PV of Terminal Value (M)	7,794.78	8,172.77	8,565.28
Equity Value (M)	9,036.80	9,450.87	9,880.38
Shares Outstanding (M)	232.50	232.50	232.50
Fair Value	$38.87	$40.65	$42.50
Upside / Downside	226.90%	241.87%	257.41%

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Mills Locação, Serviços e Logística S.A. (MILS3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener