Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

TIM S.A. (TIMS3.SA)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$121.01 - $331.19$310.38
Multi-Stage$48.02 - $52.47$50.21
Blended Fair Value$180.29
Current Price$23.50
Upside667.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS28.71%12.52%1.120.900.500.430.480.320.240.140.190.15
YoY Growth--25.07%81.36%14.98%-9.55%49.72%30.92%76.83%-27.73%27.71%-56.88%
Dividend Yield--6.25%5.05%3.94%3.13%3.76%2.56%2.06%0.97%1.88%1.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,028.93
(-) Cash Dividends Paid (M)3,311.28
(=) Cash Retained (M)717.64
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)805.79503.62302.17
Cash Retained (M)717.64717.64717.64
(-) Cash Required (M)-805.79-503.62-302.17
(=) Excess Retained (M)-88.14214.03415.47
(/) Shares Outstanding (M)2,419.282,419.282,419.28
(=) Excess Retained per Share-0.040.090.17
LTM Dividend per Share1.371.371.37
(+) Excess Retained per Share-0.040.090.17
(=) Adjusted Dividend1.331.461.54
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Fair Value$121.01$310.38$331.19
Upside / Downside414.94%1,220.76%1,309.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,028.934,290.814,569.714,866.745,183.085,519.985,685.58
Payout Ratio82.19%83.75%85.31%86.88%88.44%90.00%92.50%
Projected Dividends (M)3,311.283,593.563,898.544,227.984,583.794,967.985,259.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,337.493,369.123,400.76
Year 2 PV (M)3,362.733,426.783,491.44
Year 3 PV (M)3,387.033,484.263,583.33
Year 4 PV (M)3,410.403,541.553,676.45
Year 5 PV (M)3,432.863,598.663,770.82
PV of Terminal Value (M)99,250.68104,044.52109,021.84
Equity Value (M)116,181.18121,464.90126,944.64
Shares Outstanding (M)2,419.282,419.282,419.28
Fair Value$48.02$50.21$52.47
Upside / Downside104.35%113.65%123.29%

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