DDM Analysis: EVEN3.SA

Valuation Snapshot

Stable Growth	$4.21 - $6.57	$5.30
Multi-Stage	$10.01 - $11.02	$10.50
Blended Fair Value	$7.90
Current Price	$7.85
Upside	0.64%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	13.07%	0.56	0.20	0.00	0.42	0.07	0.00	0.00	0.00	0.09	0.15
YoY Growth	-	-	183.38%	0.00%	-100.00%	487.01%	0.00%	0.00%	0.00%	-100.00%	-37.71%	-10.77%
Dividend Yield	-	-	9.32%	2.66%	0.00%	7.97%	0.92%	0.00%	0.00%	0.00%	2.68%	4.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178.87
(-) Cash Dividends Paid (M)	79.54
(=) Cash Retained (M)	99.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.77	22.36	13.42
Cash Retained (M)	99.33	99.33	99.33
(-) Cash Required (M)	-35.77	-22.36	-13.42
(=) Excess Retained (M)	63.55	76.97	85.91
(/) Shares Outstanding (M)	406.54	406.54	406.54
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.35	0.38	0.41
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.21	$5.30	$6.57
Upside / Downside	-46.38%	-32.51%	-16.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178.87	177.08	175.31	173.55	171.82	170.10	175.20
Payout Ratio	44.47%	53.58%	62.68%	71.79%	80.89%	90.00%	92.50%
Projected Dividends (M)	79.54	94.87	109.89	124.59	138.99	153.09	162.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	88.43	89.34	90.24
Year 2 PV (M)	95.48	97.44	99.42
Year 3 PV (M)	100.91	104.04	107.22
Year 4 PV (M)	104.94	109.29	113.77
Year 5 PV (M)	107.75	113.36	119.20
PV of Terminal Value (M)	3,570.75	3,756.69	3,950.29
Equity Value (M)	4,068.27	4,270.15	4,480.14
Shares Outstanding (M)	406.54	406.54	406.54
Fair Value	$10.01	$10.50	$11.02
Upside / Downside	27.48%	33.80%	40.38%

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Even Construtora e Incorporadora S.A. (EVEN3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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