Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Markolines Pavement Technologi (MARKOLINES.BO)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$95.07 - $135.30$114.87
Multi-Stage$142.79 - $156.96$149.73
Blended Fair Value$132.30
Current Price$162.40
Upside-18.54%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019
DPS0.00%0.00%0.890.610.000.000.000.000.000.000.000.00
YoY Growth--45.79%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.55%0.26%0.00%0.00%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)304.31
(-) Cash Dividends Paid (M)32.22
(=) Cash Retained (M)272.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)60.8638.0422.82
Cash Retained (M)272.09272.09272.09
(-) Cash Required (M)-60.86-38.04-22.82
(=) Excess Retained (M)211.23234.05249.27
(/) Shares Outstanding (M)21.4421.4421.44
(=) Excess Retained per Share9.8510.9111.62
LTM Dividend per Share1.501.501.50
(+) Excess Retained per Share9.8510.9111.62
(=) Adjusted Dividend11.3512.4213.13
WACC / Discount Rate9.70%9.70%9.70%
Growth Rate-2.00%-1.00%0.00%
Fair Value$95.07$114.87$135.30
Upside / Downside-41.46%-29.27%-16.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)304.31301.27298.25295.27292.32289.40298.08
Payout Ratio10.59%26.47%42.35%58.24%74.12%90.00%92.50%
Projected Dividends (M)32.2279.75126.32171.95216.66260.46275.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.70%9.70%9.70%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)71.9672.6973.43
Year 2 PV (M)102.85104.96107.10
Year 3 PV (M)126.34130.25134.23
Year 4 PV (M)143.64149.60155.73
Year 5 PV (M)155.82163.93172.38
PV of Terminal Value (M)2,461.382,589.552,723.00
Equity Value (M)3,062.003,210.983,365.87
Shares Outstanding (M)21.4421.4421.44
Fair Value$142.79$149.73$156.96
Upside / Downside-12.08%-7.80%-3.35%

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