Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SYN prop e tech S.A. (SYNE3.SA)

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

Valuation Snapshot

Stable Growth$33.53 - $154.15$75.94
Multi-Stage$17.98 - $19.64$18.80
Blended Fair Value$47.37
Current Price$5.17
Upside816.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%28.67%2.880.000.528.190.880.000.792.260.040.15
YoY Growth--0.00%-100.00%-93.60%825.93%0.00%-100.00%-65.22%6,132.86%-76.21%-34.21%
Dividend Yield--59.46%0.00%12.66%78.47%9.65%0.00%5.99%12.94%0.27%1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)118.27
(-) Cash Dividends Paid (M)70.01
(=) Cash Retained (M)48.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.6514.788.87
Cash Retained (M)48.2648.2648.26
(-) Cash Required (M)-23.65-14.78-8.87
(=) Excess Retained (M)24.6033.4739.38
(/) Shares Outstanding (M)152.58152.58152.58
(=) Excess Retained per Share0.160.220.26
LTM Dividend per Share0.460.460.46
(+) Excess Retained per Share0.160.220.26
(=) Adjusted Dividend0.620.680.72
WACC / Discount Rate7.45%7.45%7.45%
Growth Rate5.50%6.50%7.50%
Fair Value$33.53$75.94$154.15
Upside / Downside548.54%1,368.94%2,881.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)118.27125.96134.14142.86152.15162.04166.90
Payout Ratio59.20%65.36%71.52%77.68%83.84%90.00%92.50%
Projected Dividends (M)70.0182.3295.94110.98127.56145.83154.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.45%7.45%7.45%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)75.9076.6277.33
Year 2 PV (M)81.5483.0984.66
Year 3 PV (M)86.9689.4592.00
Year 4 PV (M)92.1595.6999.34
Year 5 PV (M)97.12101.81106.68
PV of Terminal Value (M)2,309.892,421.452,537.29
Equity Value (M)2,743.552,868.122,997.31
Shares Outstanding (M)152.58152.58152.58
Fair Value$17.98$18.80$19.64
Upside / Downside247.79%263.58%279.96%

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