DDM Analysis: CUERVO.MX

Valuation Snapshot

Stable Growth	$274.02 - $489.79	$459.00
Multi-Stage	$76.78 - $84.11	$80.38
Blended Fair Value	$269.69
Current Price	$19.58
Upside	1,277.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.28%	21.76%	0.42	0.49	0.42	0.43	0.15	0.55	0.51	0.72	0.61	0.57
YoY Growth	-	-	-15.21%	16.83%	-2.30%	184.36%	-72.30%	7.87%	-30.03%	18.07%	7.04%	885.04%
Dividend Yield	-	-	2.21%	1.22%	0.90%	0.88%	0.32%	1.88%	1.66%	1.99%	1.85%	1.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,843.92
(-) Cash Dividends Paid (M)	1,502.36
(=) Cash Retained (M)	7,341.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,768.78	1,105.49	663.29
Cash Retained (M)	7,341.56	7,341.56	7,341.56
(-) Cash Required (M)	-1,768.78	-1,105.49	-663.29
(=) Excess Retained (M)	5,572.78	6,236.07	6,678.27
(/) Shares Outstanding (M)	3,591.00	3,591.00	3,591.00
(=) Excess Retained per Share	1.55	1.74	1.86
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	1.55	1.74	1.86
(=) Adjusted Dividend	1.97	2.15	2.28
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$274.02	$459.00	$489.79
Upside / Downside	1,299.47%	2,244.25%	2,401.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,843.92	9,418.77	10,031.00	10,683.01	11,377.41	12,116.94	12,480.44
Payout Ratio	16.99%	31.59%	46.19%	60.79%	75.40%	90.00%	92.50%
Projected Dividends (M)	1,502.36	2,975.39	4,633.56	6,494.73	8,578.28	10,905.24	11,544.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,773.85	2,800.14	2,826.43
Year 2 PV (M)	4,027.10	4,103.81	4,181.24
Year 3 PV (M)	5,262.33	5,413.39	5,567.32
Year 4 PV (M)	6,479.71	6,728.90	6,985.21
Year 5 PV (M)	7,679.44	8,050.36	8,435.48
PV of Terminal Value (M)	249,482.05	261,532.13	274,043.39
Equity Value (M)	275,704.49	288,628.73	302,039.07
Shares Outstanding (M)	3,591.00	3,591.00	3,591.00
Fair Value	$76.78	$80.38	$84.11
Upside / Downside	292.12%	310.50%	329.57%

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Becle, S.A.B. de C.V. (CUERVO.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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