DDM Analysis: CCU.SN

Valuation Snapshot

Stable Growth	$7,246.85 - $16,196.74	$10,479.33
Multi-Stage	$6,834.83 - $7,466.18	$7,144.73
Blended Fair Value	$8,812.03
Current Price	$6,050.50
Upside	45.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-17.81%	2.28%	221.37	177.49	428.47	741.91	276.41	590.08	202.50	203.32	188.96	179.02
YoY Growth	-	-	24.72%	-58.58%	-42.25%	168.40%	-53.16%	191.39%	-0.40%	7.60%	5.55%	1.27%
Dividend Yield	-	-	3.07%	3.04%	7.00%	12.60%	4.38%	10.05%	2.08%	2.31%	2.27%	2.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136,209.20
(-) Cash Dividends Paid (M)	88,216.00
(=) Cash Retained (M)	47,993.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27,241.84	17,026.15	10,215.69
Cash Retained (M)	47,993.20	47,993.20	47,993.20
(-) Cash Required (M)	-27,241.84	-17,026.15	-10,215.69
(=) Excess Retained (M)	20,751.36	30,967.05	37,777.51
(/) Shares Outstanding (M)	369.50	369.50	369.50
(=) Excess Retained per Share	56.16	83.81	102.24
LTM Dividend per Share	238.74	238.74	238.74
(+) Excess Retained per Share	56.16	83.81	102.24
(=) Adjusted Dividend	294.90	322.55	340.98
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	3.97%	4.97%	5.97%
Fair Value	$7,246.85	$10,479.33	$16,196.74
Upside / Downside	19.77%	73.20%	167.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136,209.20	142,977.80	150,082.75	157,540.77	165,369.40	173,587.05	178,794.66
Payout Ratio	64.77%	69.81%	74.86%	79.91%	84.95%	90.00%	92.50%
Projected Dividends (M)	88,216.00	99,815.75	112,350.52	125,884.58	140,486.29	156,228.34	165,385.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	3.97%	4.97%	5.97%
Year 1 PV (M)	91,372.16	92,251.00	93,129.84
Year 2 PV (M)	94,146.62	95,966.38	97,803.55
Year 3 PV (M)	96,564.39	99,377.61	102,244.95
Year 4 PV (M)	98,649.13	102,499.55	106,461.61
Year 5 PV (M)	100,423.18	105,346.44	110,460.93
PV of Terminal Value (M)	2,044,333.91	2,144,557.74	2,248,674.38
Equity Value (M)	2,525,489.39	2,639,998.73	2,758,775.26
Shares Outstanding (M)	369.50	369.50	369.50
Fair Value	$6,834.83	$7,144.73	$7,466.18
Upside / Downside	12.96%	18.08%	23.40%

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Compañía Cervecerías Unidas S.A. (CCU.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener