DDM Analysis: ZENTEC.BO

Valuation Snapshot

Stable Growth	$516.89 - $1,095.50	$733.61
Multi-Stage	$370.25 - $404.79	$387.21
Blended Fair Value	$560.41
Current Price	$1,432.80
Upside	-60.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	26.34%	0.00%	1.00	0.19	0.09	0.09	0.35	0.31	0.09	0.13	0.10	0.00
YoY Growth	-	-	438.50%	110.54%	-0.35%	-75.00%	13.96%	261.68%	-33.33%	24.63%	0.00%	0.00%
Dividend Yield	-	-	0.05%	0.01%	0.02%	0.05%	0.39%	0.62%	0.12%	0.14%	0.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,479.16
(-) Cash Dividends Paid (M)	89.86
(=) Cash Retained (M)	2,389.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	495.83	309.90	185.94
Cash Retained (M)	2,389.30	2,389.30	2,389.30
(-) Cash Required (M)	-495.83	-309.90	-185.94
(=) Excess Retained (M)	1,893.47	2,079.41	2,203.36
(/) Shares Outstanding (M)	89.89	89.89	89.89
(=) Excess Retained per Share	21.06	23.13	24.51
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	21.06	23.13	24.51
(=) Adjusted Dividend	22.06	24.13	25.51
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$516.89	$733.61	$1,095.50
Upside / Downside	-63.92%	-48.80%	-23.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,479.16	2,640.31	2,811.93	2,994.71	3,189.36	3,396.67	3,498.57
Payout Ratio	3.62%	20.90%	38.17%	55.45%	72.72%	90.00%	92.50%
Projected Dividends (M)	89.86	551.82	1,073.45	1,660.56	2,319.46	3,057.00	3,236.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	496.93	501.64	506.35
Year 2 PV (M)	870.51	887.09	903.83
Year 3 PV (M)	1,212.67	1,247.49	1,282.96
Year 4 PV (M)	1,525.36	1,584.02	1,644.36
Year 5 PV (M)	1,810.42	1,897.86	1,988.65
PV of Terminal Value (M)	27,365.44	28,687.21	30,059.55
Equity Value (M)	33,281.34	34,805.30	36,385.70
Shares Outstanding (M)	89.89	89.89	89.89
Fair Value	$370.25	$387.21	$404.79
Upside / Downside	-74.16%	-72.98%	-71.75%

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Zen Technologies Limited (ZENTEC.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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