Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nos, S.g.p.s., S.a. (NOS.LS)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$7.40 - $13.95$10.06
Multi-Stage$16.95 - $18.63$17.78
Blended Fair Value$13.92
Current Price$3.87
Upside259.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.07%11.18%0.350.280.280.280.280.350.300.200.160.14
YoY Growth--25.83%-0.09%-0.01%-0.10%-20.65%16.69%50.00%24.96%13.72%16.45%
Dividend Yield--7.93%7.59%6.59%7.30%8.98%11.50%5.20%4.18%3.14%2.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)253.15
(-) Cash Dividends Paid (M)204.91
(=) Cash Retained (M)48.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)50.6331.6418.99
Cash Retained (M)48.2548.2548.25
(-) Cash Required (M)-50.63-31.64-18.99
(=) Excess Retained (M)-2.3916.6029.26
(/) Shares Outstanding (M)511.91511.91511.91
(=) Excess Retained per Share0.000.030.06
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.000.030.06
(=) Adjusted Dividend0.400.430.46
WACC / Discount Rate5.40%5.40%5.40%
Growth Rate0.06%1.06%2.06%
Fair Value$7.40$10.06$13.95
Upside / Downside91.33%159.99%260.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)253.15255.82258.52261.25264.01266.80274.80
Payout Ratio80.94%82.75%84.57%86.38%88.19%90.00%92.50%
Projected Dividends (M)204.91211.70218.62225.66232.83240.12254.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.40%5.40%5.40%
Growth Rate0.06%1.06%2.06%
Year 1 PV (M)198.87200.85202.84
Year 2 PV (M)192.91196.79200.70
Year 3 PV (M)187.05192.72198.49
Year 4 PV (M)181.29188.64196.22
Year 5 PV (M)175.63184.58193.90
PV of Terminal Value (M)7,741.258,135.918,546.50
Equity Value (M)8,676.999,099.499,538.65
Shares Outstanding (M)511.91511.91511.91
Fair Value$16.95$17.78$18.63
Upside / Downside337.99%359.31%381.48%

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