DDM Analysis: ISUR.MC

Valuation Snapshot

Stable Growth	$79.67 - $93.86	$87.96
Multi-Stage	$50.15 - $55.03	$52.54
Blended Fair Value	$70.25
Current Price	$12.40
Upside	466.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.56%	17.20%	0.07	0.08	0.08	0.10	0.07	0.06	0.03	0.03	0.03	0.02
YoY Growth	-	-	-10.20%	5.81%	-17.59%	28.71%	18.21%	145.46%	1.37%	-13.90%	33.96%	42.96%
Dividend Yield	-	-	0.83%	1.18%	1.10%	1.24%	1.00%	0.66%	0.27%	0.27%	0.41%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.28
(-) Cash Dividends Paid (M)	13.63
(=) Cash Retained (M)	20.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.86	4.28	2.57
Cash Retained (M)	20.65	20.65	20.65
(-) Cash Required (M)	-6.86	-4.28	-2.57
(=) Excess Retained (M)	13.80	16.37	18.08
(/) Shares Outstanding (M)	72.62	72.62	72.62
(=) Excess Retained per Share	0.19	0.23	0.25
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.19	0.23	0.25
(=) Adjusted Dividend	0.38	0.41	0.44
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.67	$87.96	$93.86
Upside / Downside	542.47%	609.36%	656.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.28	36.50	38.88	41.40	44.09	46.96	48.37
Payout Ratio	39.75%	49.80%	59.85%	69.90%	79.95%	90.00%	92.50%
Projected Dividends (M)	13.63	18.18	23.27	28.94	35.25	42.26	44.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17.32	17.49	17.65
Year 2 PV (M)	21.13	21.53	21.94
Year 3 PV (M)	25.04	25.76	26.50
Year 4 PV (M)	29.07	30.19	31.34
Year 5 PV (M)	33.21	34.82	36.48
PV of Terminal Value (M)	3,516.05	3,685.87	3,862.20
Equity Value (M)	3,641.83	3,815.66	3,996.11
Shares Outstanding (M)	72.62	72.62	72.62
Fair Value	$50.15	$52.54	$55.03
Upside / Downside	304.41%	323.71%	343.75%

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Inmobiliaria del Sur, S.A. (ISUR.MC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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