DDM Analysis: CORU.L

Valuation Snapshot

Stable Growth	$20.93 - $98.79	$36.99
Multi-Stage	$16.93 - $18.54	$17.72
Blended Fair Value	$27.36
Current Price	$76.09
Upside	-64.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.11%	6.58%	0.29	0.29	0.27	0.19	0.27	0.29	0.27	0.25	0.38	0.18
YoY Growth	-	-	0.00%	7.41%	45.95%	-31.48%	-6.37%	8.45%	7.81%	-35.05%	106.79%	19.75%
Dividend Yield	-	-	0.38%	0.32%	0.29%	0.33%	0.62%	0.58%	0.53%	0.40%	0.65%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.90
(-) Cash Dividends Paid (M)	38.57
(=) Cash Retained (M)	50.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.78	11.11	6.67
Cash Retained (M)	50.33	50.33	50.33
(-) Cash Required (M)	-17.78	-11.11	-6.67
(=) Excess Retained (M)	32.55	39.21	43.66
(/) Shares Outstanding (M)	132.76	132.76	132.76
(=) Excess Retained per Share	0.25	0.30	0.33
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.25	0.30	0.33
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	4.15%	5.15%	6.15%
Fair Value	$20.93	$36.99	$98.79
Upside / Downside	-72.49%	-51.39%	29.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.90	93.47	98.29	103.35	108.68	114.27	117.70
Payout Ratio	43.39%	52.71%	62.03%	71.36%	80.68%	90.00%	92.50%
Projected Dividends (M)	38.57	49.27	60.97	73.75	87.68	102.85	108.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	4.15%	5.15%	6.15%
Year 1 PV (M)	45.69	46.13	46.57
Year 2 PV (M)	52.43	53.44	54.46
Year 3 PV (M)	58.80	60.51	62.25
Year 4 PV (M)	64.82	67.35	69.95
Year 5 PV (M)	70.51	73.96	77.54
PV of Terminal Value (M)	1,955.73	2,051.44	2,150.86
Equity Value (M)	2,247.98	2,352.83	2,461.63
Shares Outstanding (M)	132.76	132.76	132.76
Fair Value	$16.93	$17.72	$18.54
Upside / Downside	-77.75%	-76.71%	-75.63%

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Corticeira Amorim, S.G.P.S., S.A. (CORU.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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