DDM Analysis: VIVA3.SA

Valuation Snapshot

Stable Growth	$263.90 - $627.07	$587.66
Multi-Stage	$91.17 - $99.84	$95.42
Blended Fair Value	$341.54
Current Price	$28.56
Upside	1,095.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	97.18%	0.00%	0.37	0.36	0.30	0.18	0.15	0.01	0.31	0.61	0.20	0.00
YoY Growth	-	-	2.32%	20.89%	70.20%	17.12%	1,108.67%	-95.94%	-49.53%	198.70%	0.00%	0.00%
Dividend Yield	-	-	1.87%	1.46%	1.36%	0.64%	0.61%	0.08%	1.36%	2.69%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	741.44
(-) Cash Dividends Paid (M)	155.18
(=) Cash Retained (M)	586.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	148.29	92.68	55.61
Cash Retained (M)	586.26	586.26	586.26
(-) Cash Required (M)	-148.29	-92.68	-55.61
(=) Excess Retained (M)	437.97	493.58	530.65
(/) Shares Outstanding (M)	235.14	235.14	235.14
(=) Excess Retained per Share	1.86	2.10	2.26
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	1.86	2.10	2.26
(=) Adjusted Dividend	2.52	2.76	2.92
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$263.90	$587.66	$627.07
Upside / Downside	824.02%	1,957.63%	2,095.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	741.44	789.63	840.95	895.62	953.83	1,015.83	1,046.31
Payout Ratio	20.93%	34.74%	48.56%	62.37%	76.19%	90.00%	92.50%
Projected Dividends (M)	155.18	274.34	408.35	558.61	726.68	914.25	967.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	255.16	257.58	260.00
Year 2 PV (M)	353.24	359.97	366.76
Year 3 PV (M)	449.43	462.34	475.48
Year 4 PV (M)	543.78	564.69	586.20
Year 5 PV (M)	636.29	667.03	698.94
PV of Terminal Value (M)	19,199.20	20,126.53	21,089.35
Equity Value (M)	21,437.11	22,438.13	23,476.73
Shares Outstanding (M)	235.14	235.14	235.14
Fair Value	$91.17	$95.42	$99.84
Upside / Downside	219.21%	234.11%	249.58%

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Vivara Participações S.A. (VIVA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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