DDM Analysis: GIMB.BR

Valuation Snapshot

Stable Growth	$113.59 - $171.63	$140.95
Multi-Stage	$223.52 - $246.31	$234.69
Blended Fair Value	$187.82
Current Price	$45.50
Upside	312.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-10.33%	-4.85%	1.20	1.49	1.42	1.19	1.15	2.08	2.08	2.08	2.03	2.03
YoY Growth	-	-	-19.20%	4.97%	19.44%	2.95%	-44.41%	0.00%	0.00%	2.04%	0.00%	2.84%
Dividend Yield	-	-	3.06%	3.40%	3.19%	2.18%	2.26%	4.37%	4.10%	4.22%	3.89%	4.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	404.89
(-) Cash Dividends Paid (M)	36.85
(=) Cash Retained (M)	368.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.98	50.61	30.37
Cash Retained (M)	368.04	368.04	368.04
(-) Cash Required (M)	-80.98	-50.61	-30.37
(=) Excess Retained (M)	287.06	317.43	337.67
(/) Shares Outstanding (M)	30.62	30.62	30.62
(=) Excess Retained per Share	9.38	10.37	11.03
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	9.38	10.37	11.03
(=) Adjusted Dividend	10.58	11.57	12.23
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$113.59	$140.95	$171.63
Upside / Downside	149.65%	209.78%	277.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	404.89	400.84	396.83	392.87	388.94	385.05	396.60
Payout Ratio	9.10%	25.28%	41.46%	57.64%	73.82%	90.00%	92.50%
Projected Dividends (M)	36.85	101.34	164.53	226.45	287.12	346.54	366.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	93.64	94.60	95.55
Year 2 PV (M)	140.49	143.37	146.28
Year 3 PV (M)	178.67	184.19	189.83
Year 4 PV (M)	209.32	218.00	226.94
Year 5 PV (M)	233.46	245.62	258.27
PV of Terminal Value (M)	5,987.98	6,299.78	6,624.45
Equity Value (M)	6,843.55	7,185.56	7,541.33
Shares Outstanding (M)	30.62	30.62	30.62
Fair Value	$223.52	$234.69	$246.31
Upside / Downside	391.25%	415.80%	441.34%

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Gimv N.V. (GIMB.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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