Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Eletrobras Participações S.A. - Eletropar (LIPR3.SA)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$13.87 - $19.64$16.72
Multi-Stage$20.64 - $22.66$21.63
Blended Fair Value$19.18
Current Price$41.25
Upside-53.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.82%17.85%1.412.371.611.100.002.117.420.720.460.00
YoY Growth---40.61%47.20%46.26%0.00%-100.00%-71.55%932.26%57.90%0.00%-100.00%
Dividend Yield--3.41%4.63%2.44%1.82%0.00%2.73%12.37%1.67%0.81%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)24.99
(-) Cash Dividends Paid (M)4.55
(=) Cash Retained (M)20.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.003.121.87
Cash Retained (M)20.4420.4420.44
(-) Cash Required (M)-5.00-3.12-1.87
(=) Excess Retained (M)15.4517.3218.57
(/) Shares Outstanding (M)11.7711.7711.77
(=) Excess Retained per Share1.311.471.58
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share1.311.471.58
(=) Adjusted Dividend1.701.861.96
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.87$16.72$19.64
Upside / Downside-66.36%-59.46%-52.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)24.9924.7424.5024.2524.0123.7724.48
Payout Ratio18.20%32.56%46.92%61.28%75.64%90.00%92.50%
Projected Dividends (M)4.558.0611.4914.8618.1621.3922.65

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7.257.327.40
Year 2 PV (M)9.319.509.69
Year 3 PV (M)10.8311.1711.51
Year 4 PV (M)11.9112.4012.91
Year 5 PV (M)12.6213.2813.97
PV of Terminal Value (M)190.93200.87211.22
Equity Value (M)242.85254.54266.70
Shares Outstanding (M)11.7711.7711.77
Fair Value$20.64$21.63$22.66
Upside / Downside-49.98%-47.57%-45.06%

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