DDM Analysis: ASAI3.SA

Valuation Snapshot

Stable Growth	$69.28 - $134.99	$126.51
Multi-Stage	$20.66 - $22.64	$21.63
Blended Fair Value	$74.07
Current Price	$9.51
Upside	678.84%
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	0.09	0.12	0.11	0.36	0.22	0.09	0.06	0.10	0.37
YoY Growth	-	-	-100.00%	-29.76%	13.51%	-69.73%	63.55%	160.00%	41.98%	-42.14%	-72.11%	0.00%
Dividend Yield	-	-	0.00%	0.62%	0.80%	0.67%	2.45%	1.55%	0.60%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	918.00
(-) Cash Dividends Paid (M)	128.00
(=) Cash Retained (M)	790.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	183.60	114.75	68.85
Cash Retained (M)	790.00	790.00	790.00
(-) Cash Required (M)	-183.60	-114.75	-68.85
(=) Excess Retained (M)	606.40	675.25	721.15
(/) Shares Outstanding (M)	1,352.45	1,352.45	1,352.45
(=) Excess Retained per Share	0.45	0.50	0.53
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.45	0.50	0.53
(=) Adjusted Dividend	0.54	0.59	0.63
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$69.28	$126.51	$134.99
Upside / Downside	628.46%	1,230.24%	1,319.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	918.00	977.67	1,041.22	1,108.90	1,180.98	1,257.74	1,295.47
Payout Ratio	13.94%	29.15%	44.37%	59.58%	74.79%	90.00%	92.50%
Projected Dividends (M)	128.00	285.04	461.95	660.65	883.24	1,131.97	1,198.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	265.56	268.08	270.59
Year 2 PV (M)	400.97	408.61	416.32
Year 3 PV (M)	534.26	549.59	565.22
Year 4 PV (M)	665.45	691.04	717.36
Year 5 PV (M)	794.57	832.95	872.79
PV of Terminal Value (M)	25,282.53	26,503.68	27,771.57
Equity Value (M)	27,943.33	29,253.94	30,613.86
Shares Outstanding (M)	1,352.45	1,352.45	1,352.45
Fair Value	$20.66	$21.63	$22.64
Upside / Downside	117.26%	127.45%	138.02%

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Sendas Distribuidora S.A. (ASAI3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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