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Vulcabras S.A. (VULC3.SA)

Company Dividend Discount ModelIndustry: Apparel - Footwear & AccessoriesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$361.60 - $861.49$807.34
Multi-Stage$128.48 - $140.51$134.39
Blended Fair Value$470.86
Current Price$19.68
Upside2,292.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%2.880.840.340.320.000.000.000.000.000.00
YoY Growth--241.77%151.96%5.72%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%
Dividend Yield--18.26%5.40%3.53%4.15%0.00%0.00%0.00%0.04%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,175.73
(-) Cash Dividends Paid (M)707.26
(=) Cash Retained (M)468.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)235.15146.9788.18
Cash Retained (M)468.47468.47468.47
(-) Cash Required (M)-235.15-146.97-88.18
(=) Excess Retained (M)233.32321.50380.29
(/) Shares Outstanding (M)271.42271.42271.42
(=) Excess Retained per Share0.861.181.40
LTM Dividend per Share2.612.612.61
(+) Excess Retained per Share0.861.181.40
(=) Adjusted Dividend3.473.794.01
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Fair Value$361.60$807.34$861.49
Upside / Downside1,737.40%4,002.33%4,277.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,175.731,252.151,333.541,420.221,512.531,610.851,659.17
Payout Ratio60.16%66.12%72.09%78.06%84.03%90.00%92.50%
Projected Dividends (M)707.26827.97961.391,108.651,271.001,449.761,534.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)770.06777.36784.66
Year 2 PV (M)831.60847.44863.43
Year 3 PV (M)891.91917.51943.60
Year 4 PV (M)950.99987.561,025.18
Year 5 PV (M)1,008.871,057.601,108.20
PV of Terminal Value (M)30,418.2631,887.4733,412.92
Equity Value (M)34,871.6936,474.9538,137.98
Shares Outstanding (M)271.42271.42271.42
Fair Value$128.48$134.39$140.51
Upside / Downside552.84%582.86%613.99%

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