DDM Analysis: ELET5.SA

Valuation Snapshot

Stable Growth	$68.65 - $193.44	$106.92
Multi-Stage	$80.98 - $88.76	$84.80
Blended Fair Value	$95.86
Current Price	$82.50
Upside	16.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.02%	4.84%	0.57	0.37	0.64	1.62	1.12	0.51	0.03	0.17	0.00	0.01
YoY Growth	-	-	51.34%	-42.00%	-60.24%	44.48%	119.24%	1,734.36%	-83.09%	6,487.84%	-74.89%	-97.17%
Dividend Yield	-	-	0.75%	0.38%	0.99%	2.51%	1.56%	1.25%	0.06%	0.85%	0.01%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,632.28
(-) Cash Dividends Paid (M)	4,243.72
(=) Cash Retained (M)	2,388.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,326.46	829.03	497.42
Cash Retained (M)	2,388.56	2,388.56	2,388.56
(-) Cash Required (M)	-1,326.46	-829.03	-497.42
(=) Excess Retained (M)	1,062.10	1,559.52	1,891.14
(/) Shares Outstanding (M)	2,311.51	2,311.51	2,311.51
(=) Excess Retained per Share	0.46	0.67	0.82
LTM Dividend per Share	1.84	1.84	1.84
(+) Excess Retained per Share	0.46	0.67	0.82
(=) Adjusted Dividend	2.30	2.51	2.65
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	2.84%	3.84%	4.84%
Fair Value	$68.65	$106.92	$193.44
Upside / Downside	-16.78%	29.59%	134.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,632.28	6,887.18	7,151.87	7,426.74	7,712.17	8,008.57	8,248.83
Payout Ratio	63.99%	69.19%	74.39%	79.59%	84.80%	90.00%	92.50%
Projected Dividends (M)	4,243.72	4,765.15	5,320.39	5,911.27	6,539.70	7,207.72	7,630.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	2.84%	3.84%	4.84%
Year 1 PV (M)	4,440.33	4,483.51	4,526.68
Year 2 PV (M)	4,619.78	4,710.05	4,801.20
Year 3 PV (M)	4,782.96	4,923.85	5,067.47
Year 4 PV (M)	4,930.75	5,125.35	5,325.64
Year 5 PV (M)	5,063.98	5,315.01	5,575.90
PV of Terminal Value (M)	163,351.48	171,449.20	179,864.92
Equity Value (M)	187,189.28	196,006.96	205,161.82
Shares Outstanding (M)	2,311.51	2,311.51	2,311.51
Fair Value	$80.98	$84.80	$88.76
Upside / Downside	-1.84%	2.78%	7.58%

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Centrais Elétricas Brasileiras S.A. - Eletrobrás (ELET5.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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