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Motiva S.A. (MOTV3.SA)

Company Dividend Discount ModelIndustry: Industrial - Infrastructure OperationsSector: Industrials

Valuation Snapshot

Stable Growth$28.70 - $66.45$42.01
Multi-Stage$39.17 - $43.01$41.06
Blended Fair Value$41.53
Current Price$14.88
Upside179.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-13.44%-6.07%0.370.190.380.140.480.760.600.630.620.52
YoY Growth--95.78%-50.28%179.48%-71.71%-36.86%27.13%-4.79%1.80%19.02%-24.96%
Dividend Yield--3.22%1.45%3.16%1.09%4.13%7.49%6.20%6.64%4.54%5.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,891.68
(-) Cash Dividends Paid (M)972.18
(=) Cash Retained (M)1,919.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)578.34361.46216.88
Cash Retained (M)1,919.501,919.501,919.50
(-) Cash Required (M)-578.34-361.46-216.88
(=) Excess Retained (M)1,341.161,558.041,702.62
(/) Shares Outstanding (M)2,020.002,020.002,020.00
(=) Excess Retained per Share0.660.770.84
LTM Dividend per Share0.480.480.48
(+) Excess Retained per Share0.660.770.84
(=) Adjusted Dividend1.151.251.32
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate2.14%3.14%4.14%
Fair Value$28.70$42.01$66.45
Upside / Downside92.90%182.34%346.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,891.682,982.363,075.883,172.333,271.813,374.413,475.64
Payout Ratio33.62%44.90%56.17%67.45%78.72%90.00%92.50%
Projected Dividends (M)972.181,338.961,727.782,139.682,575.703,036.973,214.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate2.14%3.14%4.14%
Year 1 PV (M)1,248.441,260.661,272.89
Year 2 PV (M)1,502.071,531.621,561.47
Year 3 PV (M)1,734.391,785.841,838.29
Year 4 PV (M)1,946.682,024.052,103.70
Year 5 PV (M)2,140.132,246.972,358.03
PV of Terminal Value (M)70,560.8674,083.4377,745.31
Equity Value (M)79,132.5782,932.5786,879.68
Shares Outstanding (M)2,020.002,020.002,020.00
Fair Value$39.17$41.06$43.01
Upside / Downside163.27%175.91%189.04%

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