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LOG Commercial Properties e Participações S.A. (LOGG3.SA)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$438.51 - $876.69$821.59
Multi-Stage$136.38 - $149.24$142.69
Blended Fair Value$482.14
Current Price$23.50
Upside1,951.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS84.37%53.97%2.531.051.010.380.250.120.040.100.020.30
YoY Growth--139.93%4.64%163.62%55.16%107.43%190.60%-58.02%418.12%-93.68%780.05%
Dividend Yield--13.86%5.20%7.14%1.56%1.05%0.67%0.30%0.70%0.13%2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)383.90
(-) Cash Dividends Paid (M)191.15
(=) Cash Retained (M)192.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)76.7847.9928.79
Cash Retained (M)192.75192.75192.75
(-) Cash Required (M)-76.78-47.99-28.79
(=) Excess Retained (M)115.97144.76163.96
(/) Shares Outstanding (M)87.0987.0987.09
(=) Excess Retained per Share1.331.661.88
LTM Dividend per Share2.192.192.19
(+) Excess Retained per Share1.331.661.88
(=) Adjusted Dividend3.533.864.08
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Fair Value$438.51$821.59$876.69
Upside / Downside1,765.98%3,396.13%3,630.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)383.90408.85435.43463.73493.88525.98541.76
Payout Ratio49.79%57.83%65.88%73.92%81.96%90.00%92.50%
Projected Dividends (M)191.15236.46286.84342.78404.77473.38501.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)220.25222.34224.43
Year 2 PV (M)248.88253.62258.40
Year 3 PV (M)277.03284.98293.09
Year 4 PV (M)304.72316.44328.49
Year 5 PV (M)331.95347.98364.63
PV of Terminal Value (M)10,494.4211,001.3011,527.59
Equity Value (M)11,877.2412,426.6612,996.62
Shares Outstanding (M)87.0987.0987.09
Fair Value$136.38$142.69$149.24
Upside / Downside480.36%507.20%535.05%

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