Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Inclusio S.A. (INCLU.BR)

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

Valuation Snapshot

Stable Growth$59.37 - $90.74$74.04
Multi-Stage$124.48 - $137.16$130.70
Blended Fair Value$102.37
Current Price$17.00
Upside502.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.740.700.500.000.000.000.000.000.000.00
YoY Growth--7.10%39.87%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.48%5.31%3.62%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)49.61
(-) Cash Dividends Paid (M)8.83
(=) Cash Retained (M)40.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.926.203.72
Cash Retained (M)40.7840.7840.78
(-) Cash Required (M)-9.92-6.20-3.72
(=) Excess Retained (M)30.8634.5837.06
(/) Shares Outstanding (M)7.477.477.47
(=) Excess Retained per Share4.134.634.96
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share4.134.634.96
(=) Adjusted Dividend5.315.816.14
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate-2.00%-1.00%0.00%
Fair Value$59.37$74.04$90.74
Upside / Downside249.24%335.53%433.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.6149.1248.6348.1447.6647.1848.60
Payout Ratio17.79%32.23%46.68%61.12%75.56%90.00%92.50%
Projected Dividends (M)8.8315.8322.7029.4236.0142.4644.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)14.6814.8314.98
Year 2 PV (M)19.5119.9120.31
Year 3 PV (M)23.4524.1724.91
Year 4 PV (M)26.6027.7128.84
Year 5 PV (M)29.0930.6032.18
PV of Terminal Value (M)816.48858.99903.26
Equity Value (M)929.80976.211,024.48
Shares Outstanding (M)7.477.477.47
Fair Value$124.48$130.70$137.16
Upside / Downside632.26%668.81%706.83%

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