DDM Analysis: 4FY.F

Valuation Snapshot

Stable Growth	$207.17 - $749.08	$656.74
Multi-Stage	$92.46 - $101.29	$96.79
Blended Fair Value	$376.76
Current Price	$48.09
Upside	683.46%
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%	0.00%	0.00	0.00	0.00	0.00	0.00	1.07	0.34	0.17	0.31	0.30
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	211.98%	98.01%	-45.01%	4.57%	10.54%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	5.87%	1.27%	0.59%	1.03%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35,048.80
(-) Cash Dividends Paid (M)	274.91
(=) Cash Retained (M)	34,773.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,009.76	4,381.10	2,628.66
Cash Retained (M)	34,773.89	34,773.89	34,773.89
(-) Cash Required (M)	-7,009.76	-4,381.10	-2,628.66
(=) Excess Retained (M)	27,764.13	30,392.79	32,145.23
(/) Shares Outstanding (M)	9,305.17	9,305.17	9,305.17
(=) Excess Retained per Share	2.98	3.27	3.45
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	2.98	3.27	3.45
(=) Adjusted Dividend	3.01	3.30	3.48
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$207.17	$656.74	$749.08
Upside / Downside	330.80%	1,265.64%	1,457.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35,048.80	37,326.97	39,753.23	42,337.19	45,089.10	48,019.90	49,460.49
Payout Ratio	0.78%	18.63%	36.47%	54.31%	72.16%	90.00%	92.50%
Projected Dividends (M)	274.91	6,953.08	14,498.25	22,994.91	32,534.89	43,217.91	45,750.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,435.12	6,496.11	6,557.11
Year 2 PV (M)	12,418.64	12,655.18	12,893.95
Year 3 PV (M)	18,229.28	18,752.57	19,285.79
Year 4 PV (M)	23,870.76	24,788.76	25,732.99
Year 5 PV (M)	29,346.74	30,764.20	32,235.91
PV of Terminal Value (M)	770,035.49	807,228.50	845,844.96
Equity Value (M)	860,336.02	900,685.32	942,550.71
Shares Outstanding (M)	9,305.17	9,305.17	9,305.17
Fair Value	$92.46	$96.79	$101.29
Upside / Downside	92.26%	101.28%	110.63%

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Grupo Financiero Inbursa, S.A.B. de C.V. (4FY.F)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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