DDM Analysis: WHATS.BR

Valuation Snapshot

Stable Growth	$336.52 - $596.90	$446.56
Multi-Stage	$545.74 - $599.51	$572.11
Blended Fair Value	$509.33
Current Price	$106.00
Upside	380.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.77%	6.25%	4.28	3.92	3.87	3.81	3.73	3.73	3.73	3.27	3.27	2.33
YoY Growth	-	-	9.06%	1.49%	1.53%	2.01%	0.00%	0.00%	14.28%	0.00%	40.01%	0.00%
Dividend Yield	-	-	3.96%	5.91%	4.57%	4.36%	4.27%	4.27%	4.27%	3.74%	3.74%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.23
(-) Cash Dividends Paid (M)	15.23
(=) Cash Retained (M)	31.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.25	5.78	3.47
Cash Retained (M)	31.00	31.00	31.00
(-) Cash Required (M)	-9.25	-5.78	-3.47
(=) Excess Retained (M)	21.75	25.22	27.53
(/) Shares Outstanding (M)	1.86	1.86	1.86
(=) Excess Retained per Share	11.72	13.59	14.83
LTM Dividend per Share	8.20	8.20	8.20
(+) Excess Retained per Share	11.72	13.59	14.83
(=) Adjusted Dividend	19.93	21.79	23.04
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.77%	1.77%	2.77%
Fair Value	$336.52	$446.56	$596.90
Upside / Downside	217.47%	321.28%	463.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.23	47.04	47.88	48.72	49.59	50.46	51.98
Payout Ratio	32.94%	44.35%	55.77%	67.18%	78.59%	90.00%	92.50%
Projected Dividends (M)	15.23	20.87	26.70	32.73	38.97	45.42	48.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.77%	1.77%	2.77%
Year 1 PV (M)	19.36	19.55	19.74
Year 2 PV (M)	22.98	23.44	23.90
Year 3 PV (M)	26.13	26.92	27.72
Year 4 PV (M)	28.86	30.02	31.22
Year 5 PV (M)	31.21	32.78	34.43
PV of Terminal Value (M)	884.37	929.13	975.68
Equity Value (M)	1,012.90	1,061.84	1,112.69
Shares Outstanding (M)	1.86	1.86	1.86
Fair Value	$545.74	$572.11	$599.51
Upside / Downside	414.85%	439.72%	465.57%

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Financial Statements

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What's Cooking Group NV/SA (WHATS.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener