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Bemobi Mobile Tech S.A. (BMOB3.SA)

Company Dividend Discount ModelIndustry: EntertainmentSector: Communication Services

Valuation Snapshot

Stable Growth$15.62 - $23.93$19.50
Multi-Stage$35.34 - $38.80$37.03
Blended Fair Value$28.27
Current Price$23.14
Upside22.15%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%0.480.240.212.200.000.000.000.660.440.00
YoY Growth--98.92%13.56%-90.42%0.00%0.00%0.00%-100.00%51.69%0.00%0.00%
Dividend Yield--2.78%1.81%1.65%14.69%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)146.84
(-) Cash Dividends Paid (M)135.83
(=) Cash Retained (M)11.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.3718.3611.01
Cash Retained (M)11.0111.0111.01
(-) Cash Required (M)-29.37-18.36-11.01
(=) Excess Retained (M)-18.35-7.340.00
(/) Shares Outstanding (M)84.7484.7484.74
(=) Excess Retained per Share-0.22-0.090.00
LTM Dividend per Share1.601.601.60
(+) Excess Retained per Share-0.22-0.090.00
(=) Adjusted Dividend1.391.521.60
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate-2.00%-1.00%0.00%
Fair Value$15.62$19.50$23.93
Upside / Downside-32.51%-15.74%3.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)146.84145.37143.92142.48141.05139.64143.83
Payout Ratio92.50%92.00%91.50%91.00%90.50%90.00%92.50%
Projected Dividends (M)135.83133.74131.68129.66127.65125.68133.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)124.08125.34126.61
Year 2 PV (M)113.34115.67118.02
Year 3 PV (M)103.54106.74110.00
Year 4 PV (M)94.5798.49102.53
Year 5 PV (M)86.3890.8895.56
PV of Terminal Value (M)2,472.472,601.222,735.28
Equity Value (M)2,994.393,138.343,288.01
Shares Outstanding (M)84.7484.7484.74
Fair Value$35.34$37.03$38.80
Upside / Downside52.70%60.04%67.68%

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