DDM Analysis: GRUMAB.MX

Valuation Snapshot

Stable Growth	$37.03 - $104.39	$57.66
Multi-Stage	$24.71 - $27.01	$25.84
Blended Fair Value	$41.75
Current Price	$17.25
Upside	142.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.22%	7.50%	0.29	0.31	5.26	0.29	5.19	0.27	0.26	0.19	0.06	0.13
YoY Growth	-	-	-5.98%	-94.12%	1,690.87%	-94.33%	1,793.90%	5.61%	35.49%	198.56%	-48.78%	-11.33%
Dividend Yield	-	-	1.62%	1.66%	35.56%	2.34%	2.15%	0.15%	0.13%	0.09%	0.02%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	544.06
(-) Cash Dividends Paid (M)	92.37
(=) Cash Retained (M)	451.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.81	68.01	40.80
Cash Retained (M)	451.69	451.69	451.69
(-) Cash Required (M)	-108.81	-68.01	-40.80
(=) Excess Retained (M)	342.88	383.68	410.89
(/) Shares Outstanding (M)	360.98	360.98	360.98
(=) Excess Retained per Share	0.95	1.06	1.14
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.95	1.06	1.14
(=) Adjusted Dividend	1.21	1.32	1.39
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.03	$57.66	$104.39
Upside / Downside	114.64%	234.29%	505.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	544.06	579.42	617.09	657.20	699.91	745.41	767.77
Payout Ratio	16.98%	31.58%	46.19%	60.79%	75.40%	90.00%	92.50%
Projected Dividends (M)	92.37	182.99	285.01	399.52	527.70	670.87	710.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.41	167.98	169.56
Year 2 PV (M)	235.68	240.17	244.70
Year 3 PV (M)	300.42	309.05	317.83
Year 4 PV (M)	360.85	374.72	389.00
Year 5 PV (M)	417.16	437.31	458.23
PV of Terminal Value (M)	7,439.97	7,799.32	8,172.43
Equity Value (M)	8,920.48	9,328.55	9,751.75
Shares Outstanding (M)	360.98	360.98	360.98
Fair Value	$24.71	$25.84	$27.01
Upside / Downside	43.26%	49.81%	56.61%

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Gruma, S.A.B. de C.V. (GRUMAB.MX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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