DDM Analysis: FIGE3.SA

Valuation Snapshot

Stable Growth	$56.36 - $90.40	$71.76
Multi-Stage	$75.75 - $83.22	$79.42
Blended Fair Value	$75.59
Current Price	$12.03
Upside	528.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.86%	4.85%	0.05	0.04	0.00	0.01	0.03	0.04	0.05	0.06	0.05	0.04
YoY Growth	-	-	15.15%	0.00%	-100.00%	-56.16%	-26.26%	-13.91%	-22.30%	9.63%	31.07%	45.07%
Dividend Yield	-	-	0.38%	0.33%	0.00%	0.03%	0.07%	0.09%	0.11%	0.14%	0.13%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.23
(-) Cash Dividends Paid (M)	0.11
(=) Cash Retained (M)	13.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.65	1.65	0.99
Cash Retained (M)	13.12	13.12	13.12
(-) Cash Required (M)	-2.65	-1.65	-0.99
(=) Excess Retained (M)	10.47	11.46	12.13
(/) Shares Outstanding (M)	2.51	2.51	2.51
(=) Excess Retained per Share	4.18	4.57	4.83
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	4.18	4.57	4.83
(=) Adjusted Dividend	4.22	4.62	4.88
WACC / Discount Rate	8.41%	8.41%	8.41%
Growth Rate	0.86%	1.86%	2.86%
Fair Value	$56.36	$71.76	$90.40
Upside / Downside	368.52%	496.49%	651.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.23	13.48	13.73	13.99	14.25	14.51	14.95
Payout Ratio	0.86%	18.69%	36.52%	54.34%	72.17%	90.00%	92.50%
Projected Dividends (M)	0.11	2.52	5.01	7.60	10.28	13.06	13.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.41%	8.41%	8.41%
Growth Rate	0.86%	1.86%	2.86%
Year 1 PV (M)	2.30	2.32	2.35
Year 2 PV (M)	4.18	4.27	4.35
Year 3 PV (M)	5.79	5.96	6.14
Year 4 PV (M)	7.15	7.44	7.74
Year 5 PV (M)	8.30	8.72	9.16
PV of Terminal Value (M)	162.27	170.47	179.01
Equity Value (M)	190.00	199.19	208.74
Shares Outstanding (M)	2.51	2.51	2.51
Fair Value	$75.75	$79.42	$83.22
Upside / Downside	529.69%	560.16%	591.81%

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Investimentos Bemge S.A. (FIGE3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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