DDM Analysis: VIO.BR

Valuation Snapshot

Stable Growth	$137.17 - $161.61	$151.45
Multi-Stage	$40.09 - $43.96	$41.99
Blended Fair Value	$96.72
Current Price	$5.72
Upside	1,590.93%
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%	23.11%	0.11	0.11	0.08	0.03	0.01	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	33.33%	199.99%	200.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-75.54%
Dividend Yield	-	-	2.01%	2.04%	2.02%	0.59%	0.24%	0.00%	0.00%	0.00%	0.00%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.99
(-) Cash Dividends Paid (M)	40.43
(=) Cash Retained (M)	193.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.80	29.25	17.55
Cash Retained (M)	193.55	193.55	193.55
(-) Cash Required (M)	-46.80	-29.25	-17.55
(=) Excess Retained (M)	146.75	164.30	176.00
(/) Shares Outstanding (M)	287.94	287.94	287.94
(=) Excess Retained per Share	0.51	0.57	0.61
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.51	0.57	0.61
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$137.17	$151.45	$161.61
Upside / Downside	2,298.09%	2,547.77%	2,725.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.99	249.20	265.39	282.64	301.02	320.58	330.20
Payout Ratio	17.28%	31.82%	46.37%	60.91%	75.46%	90.00%	92.50%
Projected Dividends (M)	40.43	79.30	123.06	172.16	227.13	288.52	305.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.75	75.46	76.17
Year 2 PV (M)	109.32	111.41	113.51
Year 3 PV (M)	144.16	148.30	152.52
Year 4 PV (M)	179.26	186.16	193.25
Year 5 PV (M)	214.63	225.00	235.76
PV of Terminal Value (M)	10,821.46	11,344.14	11,886.82
Equity Value (M)	11,543.58	12,090.45	12,658.02
Shares Outstanding (M)	287.94	287.94	287.94
Fair Value	$40.09	$41.99	$43.96
Upside / Downside	600.88%	634.08%	668.54%

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Viohalco S.A. (VIO.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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