DDM Analysis: SUZB3.SA

Valuation Snapshot

Stable Growth	$657.13 - $1,054.09	$987.84
Multi-Stage	$171.73 - $188.01	$179.72
Blended Fair Value	$583.78
Current Price	$49.90
Upside	1,069.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.78%	29.53%	1.31	0.16	3.35	0.01	0.00	0.49	0.17	0.46	0.24	0.22
YoY Growth	-	-	743.84%	-95.36%	42,766.69%	0.00%	-100.00%	188.59%	-63.16%	90.24%	11.11%	120.93%
Dividend Yield	-	-	2.48%	0.24%	8.05%	0.01%	0.00%	1.36%	0.35%	1.36%	1.17%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,562.57
(-) Cash Dividends Paid (M)	2,514.49
(=) Cash Retained (M)	4,048.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,312.51	820.32	492.19
Cash Retained (M)	4,048.08	4,048.08	4,048.08
(-) Cash Required (M)	-1,312.51	-820.32	-492.19
(=) Excess Retained (M)	2,735.57	3,227.76	3,555.89
(/) Shares Outstanding (M)	1,238.15	1,238.15	1,238.15
(=) Excess Retained per Share	2.21	2.61	2.87
LTM Dividend per Share	2.03	2.03	2.03
(+) Excess Retained per Share	2.21	2.61	2.87
(=) Adjusted Dividend	4.24	4.64	4.90
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$657.13	$987.84	$1,054.09
Upside / Downside	1,216.89%	1,879.64%	2,012.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,562.57	6,989.14	7,443.43	7,927.26	8,442.53	8,991.29	9,261.03
Payout Ratio	38.32%	48.65%	58.99%	69.33%	79.66%	90.00%	92.50%
Projected Dividends (M)	2,514.49	3,400.39	4,390.83	5,495.67	6,725.58	8,092.16	8,566.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,172.39	3,202.46	3,232.53
Year 2 PV (M)	3,821.74	3,894.53	3,968.01
Year 3 PV (M)	4,462.64	4,590.74	4,721.28
Year 4 PV (M)	5,095.16	5,291.11	5,492.65
Year 5 PV (M)	5,719.39	5,995.64	6,282.46
PV of Terminal Value (M)	190,351.36	199,545.40	209,091.32
Equity Value (M)	212,622.68	222,519.88	232,788.25
Shares Outstanding (M)	1,238.15	1,238.15	1,238.15
Fair Value	$171.73	$179.72	$188.01
Upside / Downside	244.14%	260.16%	276.78%

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Suzano S.A. (SUZB3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener