Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Telefônica Brasil S.A. (VIVT3.SA)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$52.61 - $127.10$78.10
Multi-Stage$61.85 - $67.81$64.77
Blended Fair Value$71.44
Current Price$34.07
Upside109.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-16.33%0.35%1.051.582.362.022.172.551.711.511.221.52
YoY Growth---33.92%-32.87%16.48%-6.81%-14.85%49.31%12.77%23.67%-19.36%50.36%
Dividend Yield--4.20%5.99%11.00%6.55%7.60%7.02%4.76%3.37%3.10%3.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,053.40
(-) Cash Dividends Paid (M)2,580.29
(=) Cash Retained (M)3,473.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,210.68756.68454.01
Cash Retained (M)3,473.123,473.123,473.12
(-) Cash Required (M)-1,210.68-756.68-454.01
(=) Excess Retained (M)2,262.442,716.443,019.11
(/) Shares Outstanding (M)2,421.582,421.582,421.58
(=) Excess Retained per Share0.931.121.25
LTM Dividend per Share1.071.071.07
(+) Excess Retained per Share0.931.121.25
(=) Adjusted Dividend2.002.192.31
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate2.76%3.76%4.76%
Fair Value$52.61$78.10$127.10
Upside / Downside54.43%129.24%273.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,053.406,280.766,516.666,761.437,015.387,278.877,497.24
Payout Ratio42.63%52.10%61.58%71.05%80.53%90.00%92.50%
Projected Dividends (M)2,580.293,272.304,012.654,804.005,649.146,550.996,934.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate2.76%3.76%4.76%
Year 1 PV (M)3,038.353,067.923,097.49
Year 2 PV (M)3,459.423,527.083,595.39
Year 3 PV (M)3,845.573,958.944,074.51
Year 4 PV (M)4,198.804,364.654,535.36
Year 5 PV (M)4,521.004,745.324,978.44
PV of Terminal Value (M)130,705.67137,190.67143,930.56
Equity Value (M)149,768.80156,854.57164,211.76
Shares Outstanding (M)2,421.582,421.582,421.58
Fair Value$61.85$64.77$67.81
Upside / Downside81.53%90.12%99.04%

High-Yield Dividend Screener

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