DDM Analysis: CSAB3.SA

Valuation Snapshot

Stable Growth	$3.94 - $5.00	$4.52
Multi-Stage	$11.06 - $12.43	$11.73
Blended Fair Value	$8.12
Current Price	$30.07
Upside	-72.99%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-33.60%	-8.76%	0.99	1.80	3.06	1.79	2.53	7.64	4.60	4.04	3.31	2.07
YoY Growth	-	-	-45.21%	-41.27%	70.85%	-29.16%	-66.86%	65.99%	13.97%	21.94%	59.66%	-15.88%
Dividend Yield	-	-	3.47%	2.77%	6.24%	3.66%	5.22%	13.06%	7.80%	7.34%	10.03%	7.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.91
(-) Cash Dividends Paid (M)	4.69
(=) Cash Retained (M)	11.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.18	1.99	1.19
Cash Retained (M)	11.23	11.23	11.23
(-) Cash Required (M)	-3.18	-1.99	-1.19
(=) Excess Retained (M)	8.05	9.24	10.03
(/) Shares Outstanding (M)	8.06	8.06	8.06
(=) Excess Retained per Share	1.00	1.15	1.24
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	1.00	1.15	1.24
(=) Adjusted Dividend	1.58	1.73	1.83
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	-23.60%	-22.60%	-21.60%
Fair Value	$3.94	$4.52	$5.00
Upside / Downside	-86.89%	-84.98%	-83.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.91	12.32	9.53	7.38	5.71	4.42	4.55
Payout Ratio	29.45%	41.56%	53.67%	65.78%	77.89%	90.00%	92.50%
Projected Dividends (M)	4.69	5.12	5.12	4.85	4.45	3.98	4.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	-23.60%	-22.60%	-21.60%
Year 1 PV (M)	4.72	4.78	4.85
Year 2 PV (M)	4.35	4.47	4.59
Year 3 PV (M)	3.81	3.96	4.12
Year 4 PV (M)	3.22	3.39	3.57
Year 5 PV (M)	2.66	2.84	3.03
PV of Terminal Value (M)	70.41	75.14	80.12
Equity Value (M)	89.18	94.59	100.27
Shares Outstanding (M)	8.06	8.06	8.06
Fair Value	$11.06	$11.73	$12.43
Upside / Downside	-63.22%	-60.99%	-58.65%

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Companhia de Seguros Alianca da Bahia (CSAB3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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