DDM Analysis: ALSO3.SA

Valuation Snapshot

Stable Growth	$664.15 - $1,447.29	$1,356.32
Multi-Stage	$214.16 - $234.65	$224.22
Blended Fair Value	$790.27
Current Price	$22.59
Upside	3,398.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	24.01%	15.35%	0.23	0.14	0.00	0.20	0.08	0.08	0.08	0.08	0.08	0.06
YoY Growth	-	-	69.97%	0.00%	-100.00%	146.08%	0.00%	0.00%	0.00%	0.00%	30.00%	9.37%
Dividend Yield	-	-	1.34%	0.60%	0.00%	0.74%	0.27%	0.33%	0.36%	0.50%	0.42%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,158.31
(-) Cash Dividends Paid (M)	292.89
(=) Cash Retained (M)	2,865.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	631.66	394.79	236.87
Cash Retained (M)	2,865.42	2,865.42	2,865.42
(-) Cash Required (M)	-631.66	-394.79	-236.87
(=) Excess Retained (M)	2,233.75	2,470.63	2,628.54
(/) Shares Outstanding (M)	433.99	433.99	433.99
(=) Excess Retained per Share	5.15	5.69	6.06
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	5.15	5.69	6.06
(=) Adjusted Dividend	5.82	6.37	6.73
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$664.15	$1,356.32	$1,447.29
Upside / Downside	2,840.03%	5,904.07%	6,306.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,158.31	3,363.60	3,582.23	3,815.08	4,063.06	4,327.16	4,456.97
Payout Ratio	9.27%	25.42%	41.56%	57.71%	73.85%	90.00%	92.50%
Projected Dividends (M)	292.89	854.99	1,488.93	2,201.66	3,000.76	3,894.44	4,122.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	795.83	803.38	810.92
Year 2 PV (M)	1,290.01	1,314.58	1,339.39
Year 3 PV (M)	1,775.54	1,826.51	1,878.45
Year 4 PV (M)	2,252.53	2,339.16	2,428.26
Year 5 PV (M)	2,721.10	2,852.53	2,989.00
PV of Terminal Value (M)	84,109.73	88,172.27	92,390.28
Equity Value (M)	92,944.76	97,308.43	101,836.29
Shares Outstanding (M)	433.99	433.99	433.99
Fair Value	$214.16	$224.22	$234.65
Upside / Downside	848.04%	892.55%	938.74%

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Aliansce Sonae Shopping Centers S.A. (ALSO3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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