Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Cofina, SGPS, S.A. (CFN.LS)

Company Dividend Discount ModelIndustry: PublishingSector: Communication Services

Valuation Snapshot

Stable Growth$0.82 - $1.20$1.00
Multi-Stage$1.40 - $1.54$1.47
Blended Fair Value$1.24
Current Price$22.55
Upside-94.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%27.10%0.110.030.000.000.000.000.000.000.010.02
YoY Growth--266.66%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%-25.00%100.00%
Dividend Yield--0.00%0.14%0.00%0.00%0.00%0.00%0.00%0.00%0.11%0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11.31
(-) Cash Dividends Paid (M)3.08
(=) Cash Retained (M)8.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.261.410.85
Cash Retained (M)8.248.248.24
(-) Cash Required (M)-2.26-1.41-0.85
(=) Excess Retained (M)5.976.827.39
(/) Shares Outstanding (M)102.57102.57102.57
(=) Excess Retained per Share0.060.070.07
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.060.070.07
(=) Adjusted Dividend0.090.100.10
WACC / Discount Rate8.51%8.51%8.51%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.82$1.00$1.20
Upside / Downside-96.35%-95.54%-94.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11.3111.2011.0910.9810.8710.7611.08
Payout Ratio27.20%39.76%52.32%64.88%77.44%90.00%92.50%
Projected Dividends (M)3.084.455.807.128.429.6810.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.51%8.51%8.51%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4.064.104.15
Year 2 PV (M)4.834.935.03
Year 3 PV (M)5.415.575.74
Year 4 PV (M)5.836.076.32
Year 5 PV (M)6.126.446.77
PV of Terminal Value (M)117.57123.69130.07
Equity Value (M)143.81150.80158.07
Shares Outstanding (M)102.57102.57102.57
Fair Value$1.40$1.47$1.54
Upside / Downside-93.78%-93.48%-93.17%

High-Yield Dividend Screener

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