Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Financière de Tubize S.A. (TUB.BR)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$93.37 - $239.11$141.21
Multi-Stage$66.60 - $72.78$69.63
Blended Fair Value$105.42
Current Price$133.00
Upside-20.74%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.61%7.29%0.970.860.750.680.620.560.540.520.500.48
YoY Growth--12.79%14.68%10.28%9.68%10.72%3.62%3.82%4.00%4.18%0.13%
Dividend Yield--0.68%1.20%1.06%0.75%0.75%0.88%0.89%0.79%0.84%0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)182.76
(-) Cash Dividends Paid (M)46.33
(=) Cash Retained (M)136.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.5522.8413.71
Cash Retained (M)136.42136.42136.42
(-) Cash Required (M)-36.55-22.84-13.71
(=) Excess Retained (M)99.87113.58122.72
(/) Shares Outstanding (M)44.5144.5144.51
(=) Excess Retained per Share2.242.552.76
LTM Dividend per Share1.041.041.04
(+) Excess Retained per Share2.242.552.76
(=) Adjusted Dividend3.283.593.80
WACC / Discount Rate9.00%9.00%9.00%
Growth Rate5.29%6.29%7.29%
Fair Value$93.37$141.21$239.11
Upside / Downside-29.80%6.18%79.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)182.76194.26206.48219.47233.28247.96255.40
Payout Ratio25.35%38.28%51.21%64.14%77.07%90.00%92.50%
Projected Dividends (M)46.3374.37105.74140.77179.79223.17236.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.00%9.00%9.00%
Growth Rate5.29%6.29%7.29%
Year 1 PV (M)67.5968.2368.87
Year 2 PV (M)87.3489.0190.69
Year 3 PV (M)105.67108.71111.81
Year 4 PV (M)122.66127.39132.25
Year 5 PV (M)138.37145.07152.02
PV of Terminal Value (M)2,442.832,561.052,683.81
Equity Value (M)2,964.463,099.453,239.45
Shares Outstanding (M)44.5144.5144.51
Fair Value$66.60$69.63$72.78
Upside / Downside-49.93%-47.65%-45.28%

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