Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Inclusio S.A. (INCLU.BR)

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

Valuation Snapshot

Stable Growth$61.81 - $95.63$77.50
Multi-Stage$137.68 - $151.75$144.58
Blended Fair Value$111.04
Current Price$17.00
Upside553.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.740.700.500.000.000.000.000.000.000.00
YoY Growth--7.10%39.87%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.48%5.31%3.62%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)49.61
(-) Cash Dividends Paid (M)8.83
(=) Cash Retained (M)40.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.926.203.72
Cash Retained (M)40.7840.7840.78
(-) Cash Required (M)-9.92-6.20-3.72
(=) Excess Retained (M)30.8634.5837.06
(/) Shares Outstanding (M)7.477.477.47
(=) Excess Retained per Share4.134.634.96
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share4.134.634.96
(=) Adjusted Dividend5.315.816.14
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Fair Value$61.81$77.50$95.63
Upside / Downside263.60%355.86%462.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.6149.1248.6348.1447.6647.1848.60
Payout Ratio17.79%32.23%46.68%61.12%75.56%90.00%92.50%
Projected Dividends (M)8.8315.8322.7029.4236.0142.4644.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)14.7314.8815.03
Year 2 PV (M)19.6420.0420.45
Year 3 PV (M)23.6824.4125.16
Year 4 PV (M)26.9528.0729.22
Year 5 PV (M)29.5631.1032.71
PV of Terminal Value (M)913.80961.381,010.93
Equity Value (M)1,028.351,079.881,133.48
Shares Outstanding (M)7.477.477.47
Fair Value$137.68$144.58$151.75
Upside / Downside709.88%750.46%792.67%

High-Yield Dividend Screener

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