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CBo Territoria S.A. (0Q76.L)

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

Valuation Snapshot

Stable Growth$7.15 - $11.32$9.05
Multi-Stage$14.39 - $15.81$15.09
Blended Fair Value$12.07
Current Price$3.63
Upside232.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.23%7.52%0.220.220.220.210.070.190.180.060.140.12
YoY Growth--0.19%-0.01%4.36%224.29%-65.43%4.93%211.89%-59.30%14.92%15.08%
Dividend Yield--6.21%6.05%6.13%5.80%1.79%4.94%5.45%1.48%3.84%3.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27.58
(-) Cash Dividends Paid (M)17.04
(=) Cash Retained (M)10.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.523.452.07
Cash Retained (M)10.5410.5410.54
(-) Cash Required (M)-5.52-3.45-2.07
(=) Excess Retained (M)5.027.098.47
(/) Shares Outstanding (M)38.8338.8338.83
(=) Excess Retained per Share0.130.180.22
LTM Dividend per Share0.440.440.44
(+) Excess Retained per Share0.130.180.22
(=) Adjusted Dividend0.570.620.66
WACC / Discount Rate6.79%6.79%6.79%
Growth Rate-1.07%-0.07%0.93%
Fair Value$7.15$9.05$11.32
Upside / Downside97.04%149.44%211.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27.5827.5627.5427.5227.5027.4828.31
Payout Ratio61.80%67.44%73.08%78.72%84.36%90.00%92.50%
Projected Dividends (M)17.0418.5820.1221.6623.2024.7326.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.79%6.79%6.79%
Growth Rate-1.07%-0.07%0.93%
Year 1 PV (M)17.2317.4017.58
Year 2 PV (M)17.2917.6518.00
Year 3 PV (M)17.2617.7918.33
Year 4 PV (M)17.1417.8418.56
Year 5 PV (M)16.9417.8118.72
PV of Terminal Value (M)473.17497.57522.97
Equity Value (M)559.02586.05614.15
Shares Outstanding (M)38.8338.8338.83
Fair Value$14.39$15.09$15.81
Upside / Downside296.56%315.73%335.67%

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