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Bolsa Mexicana de Valores, S.A.B. de C.V. (BOLSAA.MX)

Company Dividend Discount ModelIndustry: Financial - Data & Stock ExchangesSector: Financial Services

Valuation Snapshot

Stable Growth$59.25 - $126.88$84.41
Multi-Stage$76.30 - $83.52$79.84
Blended Fair Value$82.13
Current Price$43.05
Upside90.77%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.70%6.44%2.262.492.382.242.011.981.681.391.211.07
YoY Growth---9.22%4.69%6.16%11.39%1.69%17.88%20.80%14.68%13.60%-11.97%
Dividend Yield--6.64%6.74%6.18%5.34%4.88%5.47%4.18%4.01%3.91%3.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,713.81
(-) Cash Dividends Paid (M)1,448.10
(=) Cash Retained (M)265.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)342.76214.23128.54
Cash Retained (M)265.70265.70265.70
(-) Cash Required (M)-342.76-214.23-128.54
(=) Excess Retained (M)-77.0651.48137.17
(/) Shares Outstanding (M)532.77532.77532.77
(=) Excess Retained per Share-0.140.100.26
LTM Dividend per Share2.722.722.72
(+) Excess Retained per Share-0.140.100.26
(=) Adjusted Dividend2.572.812.98
WACC / Discount Rate6.88%6.88%6.88%
Growth Rate2.43%3.43%4.43%
Fair Value$59.25$84.41$126.88
Upside / Downside37.63%96.07%194.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,713.811,772.601,833.421,896.321,961.382,028.672,089.53
Payout Ratio84.50%85.60%86.70%87.80%88.90%90.00%92.50%
Projected Dividends (M)1,448.101,517.301,589.541,664.941,743.651,825.811,932.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.88%6.88%6.88%
Growth Rate2.43%3.43%4.43%
Year 1 PV (M)1,405.901,419.631,433.35
Year 2 PV (M)1,364.711,391.481,418.52
Year 3 PV (M)1,324.511,363.681,403.61
Year 4 PV (M)1,285.291,336.221,388.65
Year 5 PV (M)1,247.041,309.111,373.63
PV of Terminal Value (M)34,024.9835,718.6037,479.00
Equity Value (M)40,652.4242,538.7244,496.77
Shares Outstanding (M)532.77532.77532.77
Fair Value$76.30$79.84$83.52
Upside / Downside77.25%85.47%94.01%

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