DDM Analysis: BAFARB.MX

Valuation Snapshot

Stable Growth	$747.00 - $1,425.48	$1,335.88
Multi-Stage	$220.30 - $241.30	$230.61
Blended Fair Value	$783.24
Current Price	$108.50
Upside	621.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
DPS	0.00%	0.00%	0.48	0.43	0.36	0.23	0.00	0.00	0.00	0.52	0.00	0.00
YoY Growth	-	-	12.36%	20.26%	58.24%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.80%	1.16%	0.89%	0.56%	0.00%	0.00%	0.00%	1.68%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,225.62
(-) Cash Dividends Paid (M)	456.04
(=) Cash Retained (M)	1,769.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	445.12	278.20	166.92
Cash Retained (M)	1,769.58	1,769.58	1,769.58
(-) Cash Required (M)	-445.12	-278.20	-166.92
(=) Excess Retained (M)	1,324.46	1,491.38	1,602.66
(/) Shares Outstanding (M)	310.51	310.51	310.51
(=) Excess Retained per Share	4.27	4.80	5.16
LTM Dividend per Share	1.47	1.47	1.47
(+) Excess Retained per Share	4.27	4.80	5.16
(=) Adjusted Dividend	5.73	6.27	6.63
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$747.00	$1,335.88	$1,425.48
Upside / Downside	588.48%	1,131.23%	1,213.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,225.62	2,370.28	2,524.35	2,688.44	2,863.18	3,049.29	3,140.77
Payout Ratio	20.49%	34.39%	48.29%	62.20%	76.10%	90.00%	92.50%
Projected Dividends (M)	456.04	815.19	1,219.12	1,672.10	2,178.83	2,744.36	2,905.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	759.61	766.81	774.01
Year 2 PV (M)	1,058.53	1,078.69	1,099.05
Year 3 PV (M)	1,352.85	1,391.69	1,431.26
Year 4 PV (M)	1,642.63	1,705.80	1,770.78
Year 5 PV (M)	1,927.92	2,021.04	2,117.72
PV of Terminal Value (M)	61,661.92	64,640.21	67,732.49
Equity Value (M)	68,403.46	71,604.24	74,925.30
Shares Outstanding (M)	310.51	310.51	310.51
Fair Value	$220.30	$230.61	$241.30
Upside / Downside	103.04%	112.54%	122.40%

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Grupo Bafar, S.A.B. de C.V. (BAFARB.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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