Definitive Analysis
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Odontoprev S.A. (ODPV3.SA)

Company Dividend Discount ModelIndustry: Medical - Healthcare PlansSector: Healthcare

Valuation Snapshot

Stable Growth$37.45 - $210.32$71.24
Multi-Stage$23.02 - $25.09$24.04
Blended Fair Value$47.64
Current Price$13.24
Upside259.80%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.69%9.61%1.000.340.310.480.500.460.160.510.340.41
YoY Growth--196.77%7.72%-34.99%-3.35%7.72%189.05%-68.94%50.38%-16.85%3.02%
Dividend Yield--9.57%3.13%3.32%5.08%5.19%4.55%1.39%5.12%4.68%5.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)574.51
(-) Cash Dividends Paid (M)549.19
(=) Cash Retained (M)25.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)114.9071.8143.09
Cash Retained (M)25.3125.3125.31
(-) Cash Required (M)-114.90-71.81-43.09
(=) Excess Retained (M)-89.59-46.50-17.77
(/) Shares Outstanding (M)543.23543.23543.23
(=) Excess Retained per Share-0.16-0.09-0.03
LTM Dividend per Share1.011.011.01
(+) Excess Retained per Share-0.16-0.09-0.03
(=) Adjusted Dividend0.850.930.98
WACC / Discount Rate7.88%7.88%7.88%
Growth Rate5.50%6.50%7.50%
Fair Value$37.45$71.24$210.32
Upside / Downside182.85%438.04%1,488.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)574.51611.85651.62693.97739.08787.12810.74
Payout Ratio95.59%94.48%93.36%92.24%91.12%90.00%92.50%
Projected Dividends (M)549.19578.04608.33640.10673.44708.41749.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.88%7.88%7.88%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)530.77535.80540.84
Year 2 PV (M)512.90522.67532.53
Year 3 PV (M)495.56509.78524.28
Year 4 PV (M)478.73497.14516.08
Year 5 PV (M)462.41484.74507.93
PV of Terminal Value (M)10,023.8810,508.0311,010.72
Equity Value (M)12,504.2513,058.1813,632.38
Shares Outstanding (M)543.23543.23543.23
Fair Value$23.02$24.04$25.09
Upside / Downside73.85%81.56%89.54%

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