Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

WLM Participações e Comércio de Máquinas e Veículos S.A. (WLMM3.SA)

Company Dividend Discount ModelIndustry: Auto - DealershipsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$100.24 - $501.84$179.18
Multi-Stage$61.23 - $66.90$64.01
Blended Fair Value$121.60
Current Price$20.29
Upside499.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS28.47%1.69%0.660.390.510.340.320.190.000.000.081.26
YoY Growth--66.32%-23.22%51.00%7.59%68.71%0.00%0.00%-100.00%-93.83%126.73%
Dividend Yield--2.12%1.82%2.39%0.98%1.32%1.40%0.00%0.00%3.63%66.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)117.74
(-) Cash Dividends Paid (M)47.17
(=) Cash Retained (M)70.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.5514.728.83
Cash Retained (M)70.5770.5770.57
(-) Cash Required (M)-23.55-14.72-8.83
(=) Excess Retained (M)47.0255.8661.74
(/) Shares Outstanding (M)37.9037.9037.90
(=) Excess Retained per Share1.241.471.63
LTM Dividend per Share1.241.241.24
(+) Excess Retained per Share1.241.471.63
(=) Adjusted Dividend2.492.722.87
WACC / Discount Rate8.12%8.12%8.12%
Growth Rate5.50%6.50%7.50%
Fair Value$100.24$179.18$501.84
Upside / Downside394.03%783.12%2,373.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)117.74125.39133.54142.23151.47161.32166.15
Payout Ratio40.06%50.05%60.04%70.02%80.01%90.00%92.50%
Projected Dividends (M)47.1762.7680.1899.59121.19145.18153.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.12%8.12%8.12%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)57.5058.0558.59
Year 2 PV (M)67.3168.5969.88
Year 3 PV (M)76.6178.8181.05
Year 4 PV (M)85.4288.7092.08
Year 5 PV (M)93.7598.28102.98
PV of Terminal Value (M)1,940.172,033.882,131.17
Equity Value (M)2,320.762,426.312,535.76
Shares Outstanding (M)37.9037.9037.90
Fair Value$61.23$64.01$66.90
Upside / Downside201.77%215.49%229.73%

High-Yield Dividend Screener

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