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Iochpe-Maxion S.A. (MYPK3.SA)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$111.06 - $267.04$250.26
Multi-Stage$39.50 - $43.21$41.32
Blended Fair Value$145.79
Current Price$11.92
Upside1,123.06%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-34.47%-16.43%0.090.701.340.000.850.730.240.070.140.19
YoY Growth---87.52%-47.61%0.00%-100.00%16.67%199.89%246.98%-49.98%-27.03%-63.82%
Dividend Yield--0.75%4.93%11.17%0.00%7.04%6.58%1.10%0.27%0.84%1.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)201.15
(-) Cash Dividends Paid (M)104.22
(=) Cash Retained (M)96.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)40.2325.1415.09
Cash Retained (M)96.9396.9396.93
(-) Cash Required (M)-40.23-25.14-15.09
(=) Excess Retained (M)56.7071.7981.84
(/) Shares Outstanding (M)149.80149.80149.80
(=) Excess Retained per Share0.380.480.55
LTM Dividend per Share0.700.700.70
(+) Excess Retained per Share0.380.480.55
(=) Adjusted Dividend1.071.171.24
WACC / Discount Rate6.52%6.52%6.52%
Growth Rate5.50%6.50%7.50%
Fair Value$111.06$250.26$267.04
Upside / Downside831.73%1,999.48%2,140.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)201.15214.22228.15242.98258.77275.59283.86
Payout Ratio51.81%59.45%67.09%74.72%82.36%90.00%92.50%
Projected Dividends (M)104.22127.35153.06181.56213.13248.03262.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.52%6.52%6.52%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)118.43119.56120.68
Year 2 PV (M)132.37134.89137.44
Year 3 PV (M)146.03150.22154.49
Year 4 PV (M)159.41165.54171.85
Year 5 PV (M)172.53180.86189.51
PV of Terminal Value (M)5,187.965,438.545,698.71
Equity Value (M)5,916.736,189.616,472.68
Shares Outstanding (M)149.80149.80149.80
Fair Value$39.50$41.32$43.21
Upside / Downside231.35%246.64%262.49%

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