DDM Analysis: GMEXICOB.MX

Valuation Snapshot

Stable Growth	$9.55 - $20.38	$13.59
Multi-Stage	$7.34 - $8.00	$7.67
Blended Fair Value	$10.63
Current Price	$6.06
Upside	75.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.93%	11.45%	0.29	0.30	0.32	0.37	0.17	0.21	0.18	0.09	0.04	0.07
YoY Growth	-	-	-2.56%	-7.27%	-14.32%	116.17%	-16.48%	17.65%	101.04%	130.11%	-46.66%	-27.12%
Dividend Yield	-	-	5.79%	4.94%	6.76%	6.24%	3.28%	11.18%	6.17%	2.65%	1.27%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,887.51
(-) Cash Dividends Paid (M)	2,311.26
(=) Cash Retained (M)	1,576.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	777.50	485.94	291.56
Cash Retained (M)	1,576.25	1,576.25	1,576.25
(-) Cash Required (M)	-777.50	-485.94	-291.56
(=) Excess Retained (M)	798.75	1,090.31	1,284.69
(/) Shares Outstanding (M)	7,694.21	7,694.21	7,694.21
(=) Excess Retained per Share	0.10	0.14	0.17
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.10	0.14	0.17
(=) Adjusted Dividend	0.40	0.44	0.47
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.55	$13.59	$20.38
Upside / Downside	57.61%	124.24%	236.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,887.51	4,140.20	4,409.31	4,695.91	5,001.15	5,326.22	5,486.01
Payout Ratio	59.45%	65.56%	71.67%	77.78%	83.89%	90.00%	92.50%
Projected Dividends (M)	2,311.26	2,714.43	3,160.24	3,652.55	4,195.50	4,793.60	5,074.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,445.27	2,468.45	2,491.63
Year 2 PV (M)	2,564.59	2,613.44	2,662.75
Year 3 PV (M)	2,670.19	2,746.85	2,824.95
Year 4 PV (M)	2,762.99	2,869.25	2,978.54
Year 5 PV (M)	2,843.85	2,981.21	3,123.83
PV of Terminal Value (M)	43,224.75	45,312.53	47,480.20
Equity Value (M)	56,511.66	58,991.72	61,561.90
Shares Outstanding (M)	7,694.21	7,694.21	7,694.21
Fair Value	$7.34	$7.67	$8.00
Upside / Downside	21.20%	26.52%	32.03%

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Grupo México, S.A.B. de C.V. (GMEXICOB.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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