DDM Analysis: GFNORTEO.MX

Valuation Snapshot

Stable Growth	$1,061.82 - $3,839.35	$3,365.74
Multi-Stage	$480.17 - $525.69	$502.51
Blended Fair Value	$1,934.12
Current Price	$172.19
Upside	1,023.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.63%	40.28%	12.22	12.82	11.65	5.70	0.00	5.42	3.25	4.98	2.46	0.95
YoY Growth	-	-	-4.68%	9.98%	104.56%	0.00%	-100.00%	66.83%	-34.70%	102.59%	159.38%	128.82%
Dividend Yield	-	-	8.60%	7.30%	7.68%	3.81%	0.00%	8.34%	3.06%	4.51%	2.28%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56,788.00
(-) Cash Dividends Paid (M)	9,962.80
(=) Cash Retained (M)	46,825.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,357.60	7,098.50	4,259.10
Cash Retained (M)	46,825.20	46,825.20	46,825.20
(-) Cash Required (M)	-11,357.60	-7,098.50	-4,259.10
(=) Excess Retained (M)	35,467.60	39,726.70	42,566.10
(/) Shares Outstanding (M)	2,941.57	2,941.57	2,941.57
(=) Excess Retained per Share	12.06	13.51	14.47
LTM Dividend per Share	3.39	3.39	3.39
(+) Excess Retained per Share	12.06	13.51	14.47
(=) Adjusted Dividend	15.44	16.89	17.86
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,061.82	$3,365.74	$3,839.35
Upside / Downside	516.66%	1,854.66%	2,129.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56,788.00	60,479.22	64,410.37	68,597.04	73,055.85	77,804.48	80,138.62
Payout Ratio	17.54%	32.04%	46.53%	61.02%	75.51%	90.00%	92.50%
Projected Dividends (M)	9,962.80	19,374.57	29,967.77	41,856.23	55,163.58	70,024.03	74,128.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17,931.27	18,101.24	18,271.20
Year 2 PV (M)	25,669.21	26,158.14	26,651.67
Year 3 PV (M)	33,181.59	34,134.11	35,104.70
Year 4 PV (M)	40,473.29	42,029.78	43,630.74
Year 5 PV (M)	47,549.10	49,845.74	52,230.27
PV of Terminal Value (M)	1,247,636.34	1,307,897.64	1,370,465.29
Equity Value (M)	1,412,440.80	1,478,166.65	1,546,353.87
Shares Outstanding (M)	2,941.57	2,941.57	2,941.57
Fair Value	$480.17	$502.51	$525.69
Upside / Downside	178.86%	191.83%	205.30%

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Grupo Financiero Banorte, S.A.B. de C.V. (GFNORTEO.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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