Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Companhia Catarinense de Águas e Saneamento - CASAN (CASN3.SA)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$50.08 - $59.01$55.30
Multi-Stage$19.49 - $21.38$20.42
Blended Fair Value$37.86
Current Price$10.45
Upside262.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%13.12%0.050.000.000.000.000.000.000.000.010.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%-100.00%0.00%-100.00%256.88%-85.73%
Dividend Yield--0.47%0.00%0.00%0.00%0.00%0.00%0.03%0.00%0.07%0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)349.46
(-) Cash Dividends Paid (M)57.72
(=) Cash Retained (M)291.74
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)69.8943.6826.21
Cash Retained (M)291.74291.74291.74
(-) Cash Required (M)-69.89-43.68-26.21
(=) Excess Retained (M)221.85248.06265.53
(/) Shares Outstanding (M)1,177.791,177.791,177.79
(=) Excess Retained per Share0.190.210.23
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.190.210.23
(=) Adjusted Dividend0.240.260.27
WACC / Discount Rate4.59%4.59%4.59%
Growth Rate5.50%6.50%7.50%
Fair Value$50.08$55.30$59.01
Upside / Downside379.27%429.17%464.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)349.46372.17396.36422.13449.56478.79493.15
Payout Ratio16.52%31.21%45.91%60.61%75.30%90.00%92.50%
Projected Dividends (M)57.72116.17181.97255.84338.54430.91456.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.59%4.59%4.59%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)110.03111.07112.11
Year 2 PV (M)163.24166.35169.49
Year 3 PV (M)217.37223.61229.97
Year 4 PV (M)272.43282.90293.68
Year 5 PV (M)328.43344.29360.76
PV of Terminal Value (M)21,862.0222,917.9624,014.32
Equity Value (M)22,953.5124,046.1825,180.33
Shares Outstanding (M)1,177.791,177.791,177.79
Fair Value$19.49$20.42$21.38
Upside / Downside86.49%95.37%104.59%

High-Yield Dividend Screener

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