DDM Analysis: IGTI11.SA

Valuation Snapshot

Stable Growth	$11.23 - $30.39	$17.27
Multi-Stage	$7.73 - $8.44	$8.08
Blended Fair Value	$12.67
Current Price	$24.48
Upside	-48.22%
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	12.40%	14.70%	0.16	0.09	0.07	0.01	0.06	0.09	0.08	0.06	0.02	0.02
YoY Growth	-	-	81.82%	22.25%	801.42%	-86.47%	-33.85%	16.16%	31.27%	155.06%	-3.38%	-41.54%
Dividend Yield	-	-	0.88%	0.39%	0.38%	0.04%	0.29%	0.43%	0.37%	0.28%	0.11%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	578.61
(-) Cash Dividends Paid (M)	199.74
(=) Cash Retained (M)	378.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	115.72	72.33	43.40
Cash Retained (M)	378.87	378.87	378.87
(-) Cash Required (M)	-115.72	-72.33	-43.40
(=) Excess Retained (M)	263.15	306.54	335.47
(/) Shares Outstanding (M)	1,228.57	1,228.57	1,228.57
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.38	0.41	0.44
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.23	$17.27	$30.39
Upside / Downside	-54.15%	-29.45%	24.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	578.61	616.22	656.27	698.93	744.36	792.74	816.52
Payout Ratio	34.52%	45.62%	56.71%	67.81%	78.90%	90.00%	92.50%
Projected Dividends (M)	199.74	281.10	372.19	473.93	587.33	713.47	755.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	255.37	257.79	260.21
Year 2 PV (M)	307.18	313.03	318.93
Year 3 PV (M)	355.35	365.55	375.94
Year 4 PV (M)	400.07	415.45	431.28
Year 5 PV (M)	441.51	462.83	484.97
PV of Terminal Value (M)	7,736.76	8,110.45	8,498.44
Equity Value (M)	9,496.23	9,925.10	10,369.77
Shares Outstanding (M)	1,228.57	1,228.57	1,228.57
Fair Value	$7.73	$8.08	$8.44
Upside / Downside	-68.43%	-67.00%	-65.52%

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Iguatemi S.A. (IGTI11.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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