DDM Analysis: MDIA3.SA

Valuation Snapshot

Stable Growth	$208.68 - $398.21	$373.18
Multi-Stage	$61.69 - $67.56	$64.57
Blended Fair Value	$218.87
Current Price	$28.74
Upside	661.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.80%	6.58%	0.65	0.21	1.93	0.66	0.25	0.41	0.39	0.52	0.41	0.57
YoY Growth	-	-	217.91%	-89.36%	195.15%	161.28%	-38.85%	5.01%	-24.91%	27.87%	-28.98%	65.53%
Dividend Yield	-	-	2.88%	0.55%	7.96%	2.78%	0.91%	1.60%	1.05%	1.19%	1.11%	3.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	678.37
(-) Cash Dividends Paid (M)	164.35
(=) Cash Retained (M)	514.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	135.67	84.80	50.88
Cash Retained (M)	514.02	514.02	514.02
(-) Cash Required (M)	-135.67	-84.80	-50.88
(=) Excess Retained (M)	378.34	429.22	463.14
(/) Shares Outstanding (M)	338.79	338.79	338.79
(=) Excess Retained per Share	1.12	1.27	1.37
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	1.12	1.27	1.37
(=) Adjusted Dividend	1.60	1.75	1.85
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$208.68	$373.18	$398.21
Upside / Downside	626.09%	1,198.46%	1,285.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	678.37	722.46	769.42	819.43	872.69	929.42	957.30
Payout Ratio	24.23%	37.38%	50.54%	63.69%	76.85%	90.00%	92.50%
Projected Dividends (M)	164.35	270.07	388.84	521.90	670.63	836.48	885.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	251.65	254.04	256.42
Year 2 PV (M)	337.62	344.05	350.54
Year 3 PV (M)	422.26	434.38	446.73
Year 4 PV (M)	505.59	525.03	545.03
Year 5 PV (M)	587.63	616.01	645.48
PV of Terminal Value (M)	18,794.55	19,702.33	20,644.86
Equity Value (M)	20,899.29	21,875.84	22,889.06
Shares Outstanding (M)	338.79	338.79	338.79
Fair Value	$61.69	$64.57	$67.56
Upside / Downside	114.64%	124.67%	135.08%

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M. Dias Branco S.A. Indústria e Comércio de Alimentos (MDIA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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