Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Aedas Homes, S.A. (AEDAS.MC)

Company Dividend Discount ModelIndustry: Residential ConstructionSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$23.93 - $35.54$29.47
Multi-Stage$45.19 - $49.66$47.38
Blended Fair Value$38.43
Current Price$25.55
Upside50.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212019201820172016
DPS0.00%0.00%3.360.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--15.69%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)129.97
(-) Cash Dividends Paid (M)58.34
(=) Cash Retained (M)71.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.9916.259.75
Cash Retained (M)71.6371.6371.63
(-) Cash Required (M)-25.99-16.25-9.75
(=) Excess Retained (M)45.6455.3861.88
(/) Shares Outstanding (M)43.7643.7643.76
(=) Excess Retained per Share1.041.271.41
LTM Dividend per Share1.331.331.33
(+) Excess Retained per Share1.041.271.41
(=) Adjusted Dividend2.382.602.75
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-2.00%-1.00%0.00%
Fair Value$23.93$29.47$35.54
Upside / Downside-6.33%15.35%39.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)129.97128.67127.38126.11124.85123.60127.31
Payout Ratio44.89%53.91%62.93%71.95%80.98%90.00%92.50%
Projected Dividends (M)58.3469.3780.1790.74101.10111.24117.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)63.7464.3965.04
Year 2 PV (M)67.6969.0770.48
Year 3 PV (M)70.4072.5874.80
Year 4 PV (M)72.0775.0678.14
Year 5 PV (M)72.8776.6680.61
PV of Terminal Value (M)1,630.661,715.571,803.98
Equity Value (M)1,977.422,073.332,173.04
Shares Outstanding (M)43.7643.7643.76
Fair Value$45.19$47.38$49.66
Upside / Downside76.88%85.46%94.38%

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