Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. (TRAN.BA)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$2,886.59 - $4,389.27$3,591.85
Multi-Stage$6,315.69 - $6,932.28$6,618.01
Blended Fair Value$5,104.93
Current Price$1,799.00
Upside183.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.000.000.000.000.0013.900.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%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)146,133.12
(-) Cash Dividends Paid (M)134,200.00
(=) Cash Retained (M)11,933.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29,226.6218,266.6410,959.98
Cash Retained (M)11,933.1211,933.1211,933.12
(-) Cash Required (M)-29,226.62-18,266.64-10,959.98
(=) Excess Retained (M)-17,293.51-6,333.52973.13
(/) Shares Outstanding (M)444.68444.68444.68
(=) Excess Retained per Share-38.89-14.242.19
LTM Dividend per Share301.79301.79301.79
(+) Excess Retained per Share-38.89-14.242.19
(=) Adjusted Dividend262.90287.55303.98
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2,886.59$3,591.85$4,389.27
Upside / Downside60.46%99.66%143.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)146,133.12144,671.79143,225.07141,792.82140,374.89138,971.14143,140.27
Payout Ratio91.83%91.47%91.10%90.73%90.37%90.00%92.50%
Projected Dividends (M)134,200.00132,327.32130,478.68128,653.77126,852.32125,074.03132,404.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)122,506.46123,756.52125,006.59
Year 2 PV (M)111,830.04114,123.93116,441.10
Year 3 PV (M)102,082.41105,239.37108,460.77
Year 4 PV (M)93,182.9097,044.90101,025.72
Year 5 PV (M)85,057.8689,487.0294,098.79
PV of Terminal Value (M)2,293,782.892,413,225.482,537,592.78
Equity Value (M)2,808,442.552,942,877.223,082,625.75
Shares Outstanding (M)444.68444.68444.68
Fair Value$6,315.69$6,618.01$6,932.28
Upside / Downside251.07%267.87%285.34%

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