DDM Analysis: MOVI3.SA

Valuation Snapshot

Stable Growth	$41.89 - $158.75	$122.28
Multi-Stage	$19.51 - $21.36	$20.42
Blended Fair Value	$71.35
Current Price	$8.96
Upside	696.30%
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%	0.00%	0.00	0.40	1.28	0.31	0.16	0.26	0.07	0.25	0.05	0.00
YoY Growth	-	-	-100.00%	-69.13%	319.87%	87.91%	-36.33%	276.97%	-72.50%	420.97%	0.00%	0.00%
Dividend Yield	-	-	0.00%	4.87%	16.81%	2.04%	1.16%	3.81%	0.75%	4.47%	0.74%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	278.19
(-) Cash Dividends Paid (M)	55.05
(=) Cash Retained (M)	223.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.64	34.77	20.86
Cash Retained (M)	223.14	223.14	223.14
(-) Cash Required (M)	-55.64	-34.77	-20.86
(=) Excess Retained (M)	167.50	188.37	202.28
(/) Shares Outstanding (M)	348.51	348.51	348.51
(=) Excess Retained per Share	0.48	0.54	0.58
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.48	0.54	0.58
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.89	$122.28	$158.75
Upside / Downside	367.52%	1,264.75%	1,671.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	278.19	296.27	315.53	336.04	357.88	381.15	392.58
Payout Ratio	19.79%	33.83%	47.87%	61.92%	75.96%	90.00%	92.50%
Projected Dividends (M)	55.05	100.23	151.05	208.06	271.84	343.03	363.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	92.70	93.58	94.46
Year 2 PV (M)	129.21	131.67	134.15
Year 3 PV (M)	164.60	169.33	174.14
Year 4 PV (M)	198.90	206.55	214.42
Year 5 PV (M)	232.13	243.34	254.98
PV of Terminal Value (M)	5,981.42	6,270.33	6,570.29
Equity Value (M)	6,798.96	7,114.79	7,442.44
Shares Outstanding (M)	348.51	348.51	348.51
Fair Value	$19.51	$20.42	$21.36
Upside / Downside	117.73%	127.85%	138.34%

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Movida Participações S.A. (MOVI3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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