DDM Analysis: MRB.WA

Valuation Snapshot

Stable Growth	$164.19 - $193.44	$181.28
Multi-Stage	$120.04 - $131.76	$125.79
Blended Fair Value	$153.54
Current Price	$13.84
Upside	1,009.37%
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%	0.17	0.23	0.17	0.07	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-25.48%	40.90%	149.99%	300.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.33%	2.19%	2.29%	1.63%	0.40%	0.00%	0.23%	0.00%	0.00%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107.09
(-) Cash Dividends Paid (M)	11.01
(=) Cash Retained (M)	96.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.42	13.39	8.03
Cash Retained (M)	96.08	96.08	96.08
(-) Cash Required (M)	-21.42	-13.39	-8.03
(=) Excess Retained (M)	74.66	82.69	88.04
(/) Shares Outstanding (M)	110.09	110.09	110.09
(=) Excess Retained per Share	0.68	0.75	0.80
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.68	0.75	0.80
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	0.75%	0.75%	0.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$164.19	$181.28	$193.44
Upside / Downside	1,086.33%	1,209.85%	1,297.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107.09	114.05	121.46	129.35	137.76	146.72	151.12
Payout Ratio	10.28%	26.22%	42.17%	58.11%	74.06%	90.00%	92.50%
Projected Dividends (M)	11.01	29.91	51.22	75.17	102.02	132.04	139.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.75%	0.75%	0.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.41	29.69	29.97
Year 2 PV (M)	49.52	50.46	51.41
Year 3 PV (M)	71.46	73.51	75.60
Year 4 PV (M)	95.37	99.03	102.81
Year 5 PV (M)	121.37	127.23	133.32
PV of Terminal Value (M)	12,848.06	13,468.63	14,112.94
Equity Value (M)	13,215.18	13,848.55	14,506.05
Shares Outstanding (M)	110.09	110.09	110.09
Fair Value	$120.04	$125.79	$131.76
Upside / Downside	767.32%	808.88%	852.04%

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Mirbud S.A. (MRB.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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