DDM Analysis: BESALCO.SN

Valuation Snapshot

Stable Growth	$8,401.81 - $18,208.85	$17,064.36
Multi-Stage	$2,744.56 - $3,004.50	$2,872.14
Blended Fair Value	$9,968.25
Current Price	$861.99
Upside	1,056.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	15.00%	0.00%	41.27	31.92	19.53	18.06	8.45	20.52	0.00	0.00	0.00	0.00
YoY Growth	-	-	29.28%	63.49%	8.10%	113.70%	-58.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.62%	5.74%	4.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50,692.21
(-) Cash Dividends Paid (M)	17,622.94
(=) Cash Retained (M)	33,069.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,138.44	6,336.53	3,801.92
Cash Retained (M)	33,069.27	33,069.27	33,069.27
(-) Cash Required (M)	-10,138.44	-6,336.53	-3,801.92
(=) Excess Retained (M)	22,930.83	26,732.75	29,267.36
(/) Shares Outstanding (M)	553.65	553.65	553.65
(=) Excess Retained per Share	41.42	48.28	52.86
LTM Dividend per Share	31.83	31.83	31.83
(+) Excess Retained per Share	41.42	48.28	52.86
(=) Adjusted Dividend	73.25	80.11	84.69
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8,401.81	$17,064.36	$18,208.85
Upside / Downside	874.70%	1,879.65%	2,012.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50,692.21	53,987.20	57,496.37	61,233.64	65,213.82	69,452.72	71,536.30
Payout Ratio	34.76%	45.81%	56.86%	67.91%	78.95%	90.00%	92.50%
Projected Dividends (M)	17,622.94	24,732.44	32,691.72	41,581.21	51,488.22	62,507.45	66,171.08

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)	23,022.24	23,240.46	23,458.68
Year 2 PV (M)	28,326.89	28,866.44	29,411.08
Year 3 PV (M)	33,538.14	34,500.90	35,481.91
Year 4 PV (M)	38,657.19	40,143.83	41,672.95
Year 5 PV (M)	43,685.24	45,795.26	47,986.03
PV of Terminal Value (M)	1,352,309.87	1,417,626.94	1,485,443.85
Equity Value (M)	1,519,539.57	1,590,173.83	1,663,454.50
Shares Outstanding (M)	553.65	553.65	553.65
Fair Value	$2,744.56	$2,872.14	$3,004.50
Upside / Downside	218.40%	233.20%	248.55%

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Besalco S.A. (BESALCO.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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