DDM Analysis: PAX

Valuation Snapshot

Stable Growth	$35.39 - $135.67	$101.40
Multi-Stage	$17.21 - $18.80	$17.99
Blended Fair Value	$59.69
Current Price	$14.60
Upside	308.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	23.33%	0.00%	0.85	0.93	0.66	0.77	0.39	0.30	0.24	0.00	0.00	0.00
YoY Growth	-	-	-8.79%	40.47%	-13.74%	96.60%	31.32%	22.07%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.53%	6.36%	4.48%	4.32%	2.25%	1.50%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.27
(-) Cash Dividends Paid (M)	70.31
(=) Cash Retained (M)	35.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.25	13.28	7.97
Cash Retained (M)	35.96	35.96	35.96
(-) Cash Required (M)	-21.25	-13.28	-7.97
(=) Excess Retained (M)	14.71	22.68	27.99
(/) Shares Outstanding (M)	155.78	155.78	155.78
(=) Excess Retained per Share	0.09	0.15	0.18
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.09	0.15	0.18
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.39	$101.40	$135.67
Upside / Downside	142.39%	594.52%	829.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.27	113.18	120.53	128.37	136.71	145.60	149.97
Payout Ratio	66.16%	70.93%	75.70%	80.46%	85.23%	90.00%	92.50%
Projected Dividends (M)	70.31	80.27	91.24	103.29	116.52	131.04	138.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.23	74.93	75.64
Year 2 PV (M)	78.02	79.50	81.00
Year 3 PV (M)	81.67	84.02	86.40
Year 4 PV (M)	85.20	88.47	91.84
Year 5 PV (M)	88.60	92.88	97.32
PV of Terminal Value (M)	2,272.62	2,382.39	2,496.36
Equity Value (M)	2,680.33	2,802.19	2,928.57
Shares Outstanding (M)	155.78	155.78	155.78
Fair Value	$17.21	$17.99	$18.80
Upside / Downside	17.85%	23.21%	28.76%

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Patria Investments Limited (PAX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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