Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

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Sector

Ifirma S.A. (IFI.WA)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$126.48 - $394.48$369.69
Multi-Stage$54.29 - $59.33$56.76
Blended Fair Value$213.23
Current Price$26.50
Upside704.62%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS47.01%31.18%1.031.400.980.390.160.150.130.130.030.08
YoY Growth---26.43%42.86%151.28%143.75%6.67%15.38%0.00%333.33%-61.98%15.56%
Dividend Yield--4.36%5.60%4.64%1.56%2.03%4.52%4.66%3.85%1.24%6.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12.70
(-) Cash Dividends Paid (M)8.96
(=) Cash Retained (M)3.74
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.541.590.95
Cash Retained (M)3.743.743.74
(-) Cash Required (M)-2.54-1.59-0.95
(=) Excess Retained (M)1.202.152.78
(/) Shares Outstanding (M)6.406.406.40
(=) Excess Retained per Share0.190.340.43
LTM Dividend per Share1.401.401.40
(+) Excess Retained per Share0.190.340.43
(=) Adjusted Dividend1.591.741.83
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate5.50%6.50%7.50%
Fair Value$126.48$369.69$394.48
Upside / Downside377.29%1,295.06%1,388.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12.7013.5214.4015.3316.3317.3917.92
Payout Ratio70.58%74.46%78.35%82.23%86.12%90.00%92.50%
Projected Dividends (M)8.9610.0711.2812.6114.0615.6516.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)9.349.429.51
Year 2 PV (M)9.709.8910.07
Year 3 PV (M)10.0610.3410.64
Year 4 PV (M)10.4010.8011.21
Year 5 PV (M)10.7311.2511.79
PV of Terminal Value (M)297.21311.56326.47
Equity Value (M)347.44363.27379.70
Shares Outstanding (M)6.406.406.40
Fair Value$54.29$56.76$59.33
Upside / Downside104.86%114.19%123.88%

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