Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Corticeira Amorim, S.G.P.S., S.A. (CORU.L)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$19.28 - $73.52$32.52
Multi-Stage$15.94 - $17.45$16.68
Blended Fair Value$24.60
Current Price$76.09
Upside-67.67%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.11%6.58%0.290.290.270.190.270.290.270.250.380.18
YoY Growth--0.00%7.41%45.95%-31.48%-6.37%8.45%7.81%-35.05%106.79%19.75%
Dividend Yield--0.38%0.32%0.29%0.33%0.62%0.58%0.53%0.40%0.65%0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)88.90
(-) Cash Dividends Paid (M)38.57
(=) Cash Retained (M)50.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.7811.116.67
Cash Retained (M)50.3350.3350.33
(-) Cash Required (M)-17.78-11.11-6.67
(=) Excess Retained (M)32.5539.2143.66
(/) Shares Outstanding (M)132.76132.76132.76
(=) Excess Retained per Share0.250.300.33
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share0.250.300.33
(=) Adjusted Dividend0.540.590.62
WACC / Discount Rate7.05%7.05%7.05%
Growth Rate4.15%5.15%6.15%
Fair Value$19.28$32.52$73.52
Upside / Downside-74.67%-57.26%-3.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)88.9093.4798.29103.35108.68114.27117.70
Payout Ratio43.39%52.71%62.03%71.36%80.68%90.00%92.50%
Projected Dividends (M)38.5749.2760.9773.7587.68102.85108.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.05%7.05%7.05%
Growth Rate4.15%5.15%6.15%
Year 1 PV (M)45.5946.0346.47
Year 2 PV (M)52.2053.2154.23
Year 3 PV (M)58.4260.1261.85
Year 4 PV (M)64.2766.7769.35
Year 5 PV (M)69.7673.1776.72
PV of Terminal Value (M)1,825.501,914.832,007.63
Equity Value (M)2,115.742,214.142,316.25
Shares Outstanding (M)132.76132.76132.76
Fair Value$15.94$16.68$17.45
Upside / Downside-79.06%-78.08%-77.07%

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