DDM Analysis: BRAV3.SA

Valuation Snapshot

Stable Growth	$18.47 - $27.04	$22.60
Multi-Stage	$31.07 - $34.23	$32.62
Blended Fair Value	$27.61
Current Price	$17.98
Upside	53.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.02%	0.00%	0.00%	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)	970.78
(-) Cash Dividends Paid (M)	0.01
(=) Cash Retained (M)	970.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.16	121.35	72.81
Cash Retained (M)	970.77	970.77	970.77
(-) Cash Required (M)	-194.16	-121.35	-72.81
(=) Excess Retained (M)	776.62	849.42	897.96
(/) Shares Outstanding (M)	400.55	400.55	400.55
(=) Excess Retained per Share	1.94	2.12	2.24
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	1.94	2.12	2.24
(=) Adjusted Dividend	1.94	2.12	2.24
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.47	$22.60	$27.04
Upside / Downside	2.71%	25.70%	50.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	970.78	961.07	951.46	941.95	932.53	923.20	950.90
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.01	173.00	342.53	508.65	671.42	830.88	879.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	158.14	159.76	161.37
Year 2 PV (M)	286.23	292.10	298.03
Year 3 PV (M)	388.54	400.56	412.82
Year 4 PV (M)	468.83	488.26	508.29
Year 5 PV (M)	530.35	557.97	586.72
PV of Terminal Value (M)	10,614.40	11,167.12	11,742.63
Equity Value (M)	12,446.50	13,065.76	13,709.86
Shares Outstanding (M)	400.55	400.55	400.55
Fair Value	$31.07	$32.62	$34.23
Upside / Downside	72.82%	81.42%	90.36%

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Brava Energia S.A. (BRAV3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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