Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Empresa Nacional de Telecomunicaciones S.A. (ENTEL.SN)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$6,103.44 - $15,099.82$9,130.74
Multi-Stage$7,148.29 - $7,830.85$7,483.19
Blended Fair Value$8,306.96
Current Price$3,000.60
Upside176.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS425.51%4.58%285.5094.181,239.23838.92153.890.0744.0534.130.1230.10
YoY Growth--203.15%-92.40%47.72%445.15%215,930.69%-99.84%29.06%27,404.57%-99.59%-83.50%
Dividend Yield--9.81%2.80%39.53%24.39%3.40%0.00%0.63%0.49%0.00%0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)85,589.04
(-) Cash Dividends Paid (M)54,154.87
(=) Cash Retained (M)31,434.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17,117.8110,698.636,419.18
Cash Retained (M)31,434.1731,434.1731,434.17
(-) Cash Required (M)-17,117.81-10,698.63-6,419.18
(=) Excess Retained (M)14,316.3620,735.5425,014.99
(/) Shares Outstanding (M)302.02302.02302.02
(=) Excess Retained per Share47.4068.6682.83
LTM Dividend per Share179.31179.31179.31
(+) Excess Retained per Share47.4068.6682.83
(=) Adjusted Dividend226.71247.97262.14
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate2.84%3.84%4.84%
Fair Value$6,103.44$9,130.74$15,099.82
Upside / Downside103.41%204.30%403.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)85,589.0488,876.9992,291.2595,836.6899,518.30103,341.36106,441.60
Payout Ratio63.27%68.62%73.96%79.31%84.65%90.00%92.50%
Projected Dividends (M)54,154.8760,986.0768,262.1976,007.3584,246.8593,007.2298,458.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate2.84%3.84%4.84%
Year 1 PV (M)56,626.5157,177.1257,727.74
Year 2 PV (M)58,851.6460,001.7161,162.91
Year 3 PV (M)60,844.7462,636.9764,464.04
Year 4 PV (M)62,619.5965,090.9267,634.69
Year 5 PV (M)64,189.2767,371.3370,678.37
PV of Terminal Value (M)1,855,760.151,947,756.162,043,364.94
Equity Value (M)2,158,891.902,260,034.222,365,032.70
Shares Outstanding (M)302.02302.02302.02
Fair Value$7,148.29$7,483.19$7,830.85
Upside / Downside138.23%149.39%160.98%

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