Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Eletrobras Participações S.A. - Eletropar (LIPR3.SA)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$18.65 - $28.36$23.21
Multi-Stage$38.17 - $42.05$40.08
Blended Fair Value$31.64
Current Price$41.25
Upside-23.29%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.82%17.85%1.412.371.611.100.002.117.420.720.460.00
YoY Growth---40.61%47.20%46.26%0.00%-100.00%-71.55%932.26%57.90%0.00%-100.00%
Dividend Yield--3.41%4.63%2.44%1.82%0.00%2.73%12.37%1.67%0.81%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)24.99
(-) Cash Dividends Paid (M)4.55
(=) Cash Retained (M)20.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.003.121.87
Cash Retained (M)20.4420.4420.44
(-) Cash Required (M)-5.00-3.12-1.87
(=) Excess Retained (M)15.4517.3218.57
(/) Shares Outstanding (M)11.7711.7711.77
(=) Excess Retained per Share1.311.471.58
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share1.311.471.58
(=) Adjusted Dividend1.701.861.96
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate-2.00%-1.00%0.00%
Fair Value$18.65$23.21$28.36
Upside / Downside-54.78%-43.73%-31.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)24.9924.7424.5024.2524.0123.7724.48
Payout Ratio18.20%32.56%46.92%61.28%75.64%90.00%92.50%
Projected Dividends (M)4.558.0611.4914.8618.1621.3922.65

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7.467.537.61
Year 2 PV (M)9.8510.0510.26
Year 3 PV (M)11.7912.1612.53
Year 4 PV (M)13.3413.8914.46
Year 5 PV (M)14.5515.3016.09
PV of Terminal Value (M)392.27412.69433.96
Equity Value (M)449.25471.63494.91
Shares Outstanding (M)11.7711.7711.77
Fair Value$38.17$40.08$42.05
Upside / Downside-7.46%-2.85%1.95%

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