DDM Analysis: MRSA3B.SA

Valuation Snapshot

Stable Growth	$406.88 - $860.58	$806.49
Multi-Stage	$129.24 - $141.56	$135.29
Blended Fair Value	$470.89
Current Price	$27.80
Upside	1,593.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.84%	2.49%	0.82	0.59	0.48	0.29	0.68	0.71	0.63	0.57	0.20	0.51
YoY Growth	-	-	37.26%	24.95%	62.70%	-57.28%	-3.50%	13.09%	10.46%	182.28%	-60.95%	-19.32%
Dividend Yield	-	-	2.63%	2.12%	1.83%	0.76%	1.34%	3.55%	8.90%	9.46%	3.24%	6.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,511.44
(-) Cash Dividends Paid (M)	284.99
(=) Cash Retained (M)	1,226.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	302.29	188.93	113.36
Cash Retained (M)	1,226.45	1,226.45	1,226.45
(-) Cash Required (M)	-302.29	-188.93	-113.36
(=) Excess Retained (M)	924.17	1,037.52	1,113.10
(/) Shares Outstanding (M)	349.28	349.28	349.28
(=) Excess Retained per Share	2.65	2.97	3.19
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	2.65	2.97	3.19
(=) Adjusted Dividend	3.46	3.79	4.00
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$406.88	$806.49	$860.58
Upside / Downside	1,363.61%	2,801.05%	2,995.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,511.44	1,609.69	1,714.32	1,825.75	1,944.42	2,070.81	2,132.93
Payout Ratio	18.86%	33.08%	47.31%	61.54%	75.77%	90.00%	92.50%
Projected Dividends (M)	284.99	532.56	811.10	1,123.61	1,473.31	1,863.73	1,972.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	495.83	500.53	505.23
Year 2 PV (M)	703.10	716.49	730.01
Year 3 PV (M)	906.83	932.86	959.39
Year 4 PV (M)	1,107.08	1,149.65	1,193.44
Year 5 PV (M)	1,303.88	1,366.86	1,432.25
PV of Terminal Value (M)	40,625.76	42,588.00	44,625.34
Equity Value (M)	45,142.48	47,254.40	49,445.66
Shares Outstanding (M)	349.28	349.28	349.28
Fair Value	$129.24	$135.29	$141.56
Upside / Downside	364.90%	386.65%	409.22%

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MRS Logística S.A. (MRSA3B.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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