Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

EZTEC Empreendimentos e Participações S.A. (EZTC3.SA)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$72.55 - $281.28$122.87
Multi-Stage$46.92 - $51.21$49.03
Blended Fair Value$85.95
Current Price$16.44
Upside422.79%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS59.04%5.41%1.070.200.780.440.300.110.392.820.710.74
YoY Growth--427.34%-73.98%78.50%44.16%188.17%-72.82%-86.27%299.34%-4.43%16.87%
Dividend Yield--7.03%1.33%7.00%2.60%1.10%0.41%2.03%18.51%6.37%8.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)544.11
(-) Cash Dividends Paid (M)300.37
(=) Cash Retained (M)243.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)108.8268.0140.81
Cash Retained (M)243.73243.73243.73
(-) Cash Required (M)-108.82-68.01-40.81
(=) Excess Retained (M)134.91175.72202.93
(/) Shares Outstanding (M)220.32220.32220.32
(=) Excess Retained per Share0.610.800.92
LTM Dividend per Share1.361.361.36
(+) Excess Retained per Share0.610.800.92
(=) Adjusted Dividend1.982.162.28
WACC / Discount Rate8.37%8.37%8.37%
Growth Rate5.50%6.50%7.50%
Fair Value$72.55$122.87$281.28
Upside / Downside341.29%647.36%1,610.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)544.11579.47617.14657.25699.98745.47767.84
Payout Ratio55.20%62.16%69.12%76.08%83.04%90.00%92.50%
Projected Dividends (M)300.37360.22426.58500.05581.27670.93710.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.37%8.37%8.37%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)329.27332.39335.51
Year 2 PV (M)356.43363.21370.07
Year 3 PV (M)381.91392.87404.04
Year 4 PV (M)405.79421.40437.45
Year 5 PV (M)428.14448.82470.29
PV of Terminal Value (M)8,435.248,842.669,265.68
Equity Value (M)10,336.7710,801.3511,283.03
Shares Outstanding (M)220.32220.32220.32
Fair Value$46.92$49.03$51.21
Upside / Downside185.38%198.21%211.51%

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