DDM Analysis: LTM.SN

Valuation Snapshot

Stable Growth	$0.04 - $0.08	$0.06
Multi-Stage	$0.03 - $0.03	$0.03
Blended Fair Value	$0.04
Current Price	$0.02
Upside	112.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.97%	17.33%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-98.96%	-24.10%	8.97%	61.66%	17.67%	-0.93%
Dividend Yield	-	-	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,243.22
(-) Cash Dividends Paid (M)	295.71
(=) Cash Retained (M)	947.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	248.64	155.40	93.24
Cash Retained (M)	947.51	947.51	947.51
(-) Cash Required (M)	-248.64	-155.40	-93.24
(=) Excess Retained (M)	698.87	792.11	854.27
(/) Shares Outstanding (M)	596,966.56	596,966.56	596,966.56
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.00	0.00	0.00
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$0.04	$0.06	$0.08
Upside / Downside	93.75%	175.06%	310.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,243.22	1,324.03	1,410.09	1,501.74	1,599.36	1,703.32	1,754.42
Payout Ratio	23.79%	37.03%	50.27%	63.51%	76.76%	90.00%	92.50%
Projected Dividends (M)	295.71	490.27	708.87	953.82	1,227.62	1,532.98	1,622.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	441.52	445.70	449.89
Year 2 PV (M)	574.90	585.85	596.90
Year 3 PV (M)	696.63	716.63	737.01
Year 4 PV (M)	807.44	838.50	870.44
Year 5 PV (M)	908.02	951.88	997.42
PV of Terminal Value (M)	13,732.97	14,396.28	15,084.97
Equity Value (M)	17,161.49	17,934.84	18,736.63
Shares Outstanding (M)	596,966.56	596,966.56	596,966.56
Fair Value	$0.03	$0.03	$0.03
Upside / Downside	42.59%	49.01%	55.68%

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LATAM Airlines Group S.A. (LTM.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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