DDM Analysis: ESPA3.SA

Valuation Snapshot

Stable Growth	$0.29 - $0.44	$0.36
Multi-Stage	$0.62 - $0.68	$0.65
Blended Fair Value	$0.51
Current Price	$1.24
Upside	-59.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.00	0.00	0.10	0.03	0.03	0.04	0.01	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	247.37%	0.00%	-33.26%	399.97%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	1.80%	0.18%	0.14%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.31
(-) Cash Dividends Paid (M)	0.60
(=) Cash Retained (M)	10.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.26	1.41	0.85
Cash Retained (M)	10.71	10.71	10.71
(-) Cash Required (M)	-2.26	-1.41	-0.85
(=) Excess Retained (M)	8.45	9.29	9.86
(/) Shares Outstanding (M)	360.99	360.99	360.99
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.29	$0.36	$0.44
Upside / Downside	-76.81%	-70.98%	-64.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.31	11.19	11.08	10.97	10.86	10.75	11.07
Payout Ratio	5.29%	22.23%	39.17%	56.12%	73.06%	90.00%	92.50%
Projected Dividends (M)	0.60	2.49	4.34	6.16	7.93	9.68	10.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.31	2.34	2.36
Year 2 PV (M)	3.75	3.82	3.90
Year 3 PV (M)	4.94	5.09	5.25
Year 4 PV (M)	5.91	6.16	6.41
Year 5 PV (M)	6.70	7.05	7.41
PV of Terminal Value (M)	200.51	210.95	221.82
Equity Value (M)	224.12	235.41	247.15
Shares Outstanding (M)	360.99	360.99	360.99
Fair Value	$0.62	$0.65	$0.68
Upside / Downside	-49.93%	-47.41%	-44.79%

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MPM Corpóreos S.A. (ESPA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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