DDM Analysis: RET.BR

Valuation Snapshot

Stable Growth	$839.17 - $2,585.79	$2,423.26
Multi-Stage	$351.30 - $384.26	$367.48
Blended Fair Value	$1,395.37
Current Price	$63.50
Upside	2,097.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.05%	12.63%	4.91	4.72	4.16	3.90	3.65	1.74	2.80	2.03	1.94	1.60
YoY Growth	-	-	4.14%	13.44%	6.75%	6.74%	109.54%	-37.84%	37.90%	4.78%	21.07%	7.15%
Dividend Yield	-	-	8.15%	7.23%	6.39%	5.27%	6.25%	3.68%	3.42%	2.84%	2.56%	2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	190.17
(-) Cash Dividends Paid (M)	88.78
(=) Cash Retained (M)	101.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.03	23.77	14.26
Cash Retained (M)	101.40	101.40	101.40
(-) Cash Required (M)	-38.03	-23.77	-14.26
(=) Excess Retained (M)	63.36	77.63	87.14
(/) Shares Outstanding (M)	14.63	14.63	14.63
(=) Excess Retained per Share	4.33	5.31	5.96
LTM Dividend per Share	6.07	6.07	6.07
(+) Excess Retained per Share	4.33	5.31	5.96
(=) Adjusted Dividend	10.40	11.38	12.03
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$839.17	$2,423.26	$2,585.79
Upside / Downside	1,221.53%	3,716.16%	3,972.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	190.17	202.54	215.70	229.72	244.65	260.55	268.37
Payout Ratio	46.68%	55.34%	64.01%	72.67%	81.34%	90.00%	92.50%
Projected Dividends (M)	88.78	112.09	138.07	166.94	198.99	234.50	248.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	103.96	104.95	105.93
Year 2 PV (M)	118.77	121.03	123.31
Year 3 PV (M)	133.19	137.01	140.91
Year 4 PV (M)	147.24	152.91	158.73
Year 5 PV (M)	160.93	168.71	176.78
PV of Terminal Value (M)	4,474.23	4,690.33	4,914.71
Equity Value (M)	5,138.32	5,374.93	5,620.37
Shares Outstanding (M)	14.63	14.63	14.63
Fair Value	$351.30	$367.48	$384.26
Upside / Downside	453.23%	478.71%	505.14%

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600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
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002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
603385.SS	Huida Sanitary Ware Co., Ltd.	1.62%	$0.11	69.37%
605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
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002913.SZ	Aoshikang Technology Co., Ltd.	1.61%	$0.69	60.58%
007570.KS	Ilyang Pharmaceutical Co.,Ltd	1.61%	$210.74	33.61%
066570.KS	LG Electronics Inc.	1.61%	$1,472.83	36.12%
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Financial Statements

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Sector

Retail Estates N.V. (RET.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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