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Banestes S.A. - Banco do Estado do Espírito Santo (BEES3.SA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$67.05 - $241.95$213.33
Multi-Stage$31.00 - $33.90$32.42
Blended Fair Value$122.88
Current Price$8.14
Upside1,409.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.38%0.00%0.180.180.570.340.230.290.240.190.190.00
YoY Growth--1.75%-69.07%68.98%47.20%-21.95%22.28%25.47%3.12%0.00%0.00%
Dividend Yield--2.29%2.05%9.06%6.58%4.62%5.83%4.90%4.63%5.15%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)393.95
(-) Cash Dividends Paid (M)188.20
(=) Cash Retained (M)205.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)78.7949.2429.55
Cash Retained (M)205.75205.75205.75
(-) Cash Required (M)-78.79-49.24-29.55
(=) Excess Retained (M)126.96156.51176.20
(/) Shares Outstanding (M)323.81323.81323.81
(=) Excess Retained per Share0.390.480.54
LTM Dividend per Share0.580.580.58
(+) Excess Retained per Share0.390.480.54
(=) Adjusted Dividend0.971.061.13
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Fair Value$67.05$213.33$241.95
Upside / Downside723.70%2,520.76%2,872.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)393.95419.56446.83475.87506.80539.75555.94
Payout Ratio47.77%56.22%64.66%73.11%81.55%90.00%92.50%
Projected Dividends (M)188.20235.87288.93347.90413.32485.77514.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)218.30220.37222.44
Year 2 PV (M)247.50252.22256.98
Year 3 PV (M)275.83283.74291.81
Year 4 PV (M)303.29314.95326.95
Year 5 PV (M)329.91345.84362.38
PV of Terminal Value (M)8,662.939,081.369,515.79
Equity Value (M)10,037.7610,498.4810,976.35
Shares Outstanding (M)323.81323.81323.81
Fair Value$31.00$32.42$33.90
Upside / Downside280.82%298.30%316.43%

High-Yield Dividend Screener

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