Definitive Analysis
Definitive Analysis

Financial Statements

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Industry

Sector

SLC Agrícola S.A. (SLCE3.SA)

Company Dividend Discount ModelIndustry: Agricultural Farm ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$136.88 - $260.94$244.54
Multi-Stage$40.89 - $44.76$42.79
Blended Fair Value$143.66
Current Price$16.41
Upside775.46%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.52%27.21%0.961.431.270.470.410.410.480.490.130.06
YoY Growth---32.61%12.63%171.93%14.18%-0.77%-14.14%-1.46%268.07%108.73%-27.01%
Dividend Yield--5.18%7.15%6.11%2.04%2.19%3.82%4.65%4.25%2.17%1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)576.74
(-) Cash Dividends Paid (M)241.33
(=) Cash Retained (M)335.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)115.3572.0943.26
Cash Retained (M)335.41335.41335.41
(-) Cash Required (M)-115.35-72.09-43.26
(=) Excess Retained (M)220.06263.32292.16
(/) Shares Outstanding (M)439.56439.56439.56
(=) Excess Retained per Share0.500.600.66
LTM Dividend per Share0.550.550.55
(+) Excess Retained per Share0.500.600.66
(=) Adjusted Dividend1.051.151.21
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Fair Value$136.88$244.54$260.94
Upside / Downside734.13%1,390.18%1,490.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)576.74614.23654.15696.67741.96790.18813.89
Payout Ratio41.84%51.47%61.11%70.74%80.37%90.00%92.50%
Projected Dividends (M)241.33316.17399.73492.81596.30711.16752.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)294.62297.41300.20
Year 2 PV (M)347.08353.69360.36
Year 3 PV (M)398.73410.17421.84
Year 4 PV (M)449.57466.86484.64
Year 5 PV (M)499.61523.74548.80
PV of Terminal Value (M)15,983.4816,755.4917,557.05
Equity Value (M)17,973.0818,807.3619,672.88
Shares Outstanding (M)439.56439.56439.56
Fair Value$40.89$42.79$44.76
Upside / Downside149.17%160.73%172.73%

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