DDM Analysis: ECOR3.SA

Valuation Snapshot

Stable Growth	$122.07 - $263.81	$247.23
Multi-Stage	$38.89 - $42.62	$40.72
Blended Fair Value	$143.97
Current Price	$7.83
Upside	1,738.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-16.27%	0.19	0.08	0.01	0.00	0.00	0.00	0.58	0.34	0.21	0.36
YoY Growth	-	-	131.82%	1,005.76%	0.00%	0.00%	0.00%	-100.00%	70.98%	60.38%	-41.81%	-68.46%
Dividend Yield	-	-	3.59%	1.06%	0.15%	0.00%	0.00%	0.00%	6.22%	3.91%	2.36%	6.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	922.74
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	922.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	184.55	115.34	69.21
Cash Retained (M)	922.74	922.74	922.74
(-) Cash Required (M)	-184.55	-115.34	-69.21
(=) Excess Retained (M)	738.19	807.40	853.54
(/) Shares Outstanding (M)	695.62	695.62	695.62
(=) Excess Retained per Share	1.06	1.16	1.23
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	1.06	1.16	1.23
(=) Adjusted Dividend	1.06	1.16	1.23
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$122.07	$247.23	$263.81
Upside / Downside	1,458.95%	3,057.43%	3,269.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	922.74	982.72	1,046.60	1,114.63	1,187.08	1,264.24	1,302.17
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	176.89	376.78	601.90	854.70	1,137.82	1,204.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	164.66	166.22	167.78
Year 2 PV (M)	326.49	332.71	338.98
Year 3 PV (M)	485.51	499.45	513.65
Year 4 PV (M)	641.77	666.45	691.83
Year 5 PV (M)	795.29	833.71	873.59
PV of Terminal Value (M)	24,637.42	25,827.41	27,062.95
Equity Value (M)	27,051.14	28,325.94	29,648.79
Shares Outstanding (M)	695.62	695.62	695.62
Fair Value	$38.89	$40.72	$42.62
Upside / Downside	396.65%	420.06%	444.34%

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Financial Statements

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EcoRodovias Infraestrutura e Logística S.A. (ECOR3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener