Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Monex, S.A.B. de C.V. (MONEXB.MX)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$913.27 - $1,100.38$1,031.21
Multi-Stage$185.60 - $203.47$194.37
Blended Fair Value$612.79
Current Price$20.00
Upside2,963.96%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS33.66%17.59%2.110.110.110.390.390.500.392.480.000.96
YoY Growth--1,850.00%0.00%-72.00%0.00%-21.88%28.00%-84.38%0.00%-100.00%129.63%
Dividend Yield--10.57%0.83%0.90%3.10%2.75%3.54%2.16%24.73%0.00%6.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,573.27
(-) Cash Dividends Paid (M)15.00
(=) Cash Retained (M)3,558.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)714.65446.66268.00
Cash Retained (M)3,558.273,558.273,558.27
(-) Cash Required (M)-714.65-446.66-268.00
(=) Excess Retained (M)2,843.613,111.613,290.27
(/) Shares Outstanding (M)645.81645.81645.81
(=) Excess Retained per Share4.404.825.09
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share4.404.825.09
(=) Adjusted Dividend4.434.845.12
WACC / Discount Rate6.01%6.01%6.01%
Growth Rate5.50%6.50%7.50%
Fair Value$913.27$1,031.21$1,100.38
Upside / Downside4,466.37%5,056.07%5,401.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,573.273,805.534,052.894,316.334,596.894,895.695,042.56
Payout Ratio0.42%18.34%36.25%54.17%72.08%90.00%92.50%
Projected Dividends (M)15.00697.781,469.252,338.063,313.624,406.124,664.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.01%6.01%6.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)652.03658.21664.39
Year 2 PV (M)1,282.911,307.351,332.01
Year 3 PV (M)1,907.691,962.452,018.26
Year 4 PV (M)2,526.422,623.582,723.51
Year 5 PV (M)3,139.133,290.753,448.17
PV of Terminal Value (M)110,353.68115,683.81121,217.93
Equity Value (M)119,861.86125,526.14131,404.27
Shares Outstanding (M)645.81645.81645.81
Fair Value$185.60$194.37$203.47
Upside / Downside828.00%871.85%917.36%

High-Yield Dividend Screener

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