DDM Analysis: BMEB3.SA

Valuation Snapshot

Stable Growth	$298.88 - $1,080.68	$947.37
Multi-Stage	$135.73 - $148.57	$142.04
Blended Fair Value	$544.70
Current Price	$54.11
Upside	906.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	61.28%	0.00%	1.76	0.77	0.54	0.62	0.34	0.16	0.13	0.08	0.28	0.28
YoY Growth	-	-	127.77%	42.55%	-12.82%	84.23%	109.22%	19.93%	78.74%	-73.30%	1.41%	0.00%
Dividend Yield	-	-	4.96%	3.29%	6.09%	7.00%	4.81%	3.89%	4.85%	4.13%	20.86%	24.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	567.76
(-) Cash Dividends Paid (M)	130.77
(=) Cash Retained (M)	436.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.55	70.97	42.58
Cash Retained (M)	436.99	436.99	436.99
(-) Cash Required (M)	-113.55	-70.97	-42.58
(=) Excess Retained (M)	323.44	366.02	394.41
(/) Shares Outstanding (M)	104.48	104.48	104.48
(=) Excess Retained per Share	3.10	3.50	3.77
LTM Dividend per Share	1.25	1.25	1.25
(+) Excess Retained per Share	3.10	3.50	3.77
(=) Adjusted Dividend	4.35	4.75	5.03
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$298.88	$947.37	$1,080.68
Upside / Downside	452.35%	1,650.83%	1,897.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	567.76	604.66	643.97	685.83	730.40	777.88	801.22
Payout Ratio	23.03%	36.43%	49.82%	63.21%	76.61%	90.00%	92.50%
Projected Dividends (M)	130.77	220.26	320.82	433.53	559.54	700.09	741.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	203.85	205.78	207.71
Year 2 PV (M)	274.81	280.04	285.32
Year 3 PV (M)	343.68	353.55	363.60
Year 4 PV (M)	410.53	426.32	442.56
Year 5 PV (M)	475.39	498.35	522.19
PV of Terminal Value (M)	12,473.73	13,076.21	13,701.76
Equity Value (M)	14,181.99	14,840.25	15,523.15
Shares Outstanding (M)	104.48	104.48	104.48
Fair Value	$135.73	$142.04	$148.57
Upside / Downside	150.85%	162.49%	174.57%

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Banco Mercantil do Brasil S.A. (BMEB3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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