Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Brisanet Participações S.A. (BRIT3.SA)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$19.12 - $22.53$21.11
Multi-Stage$5.14 - $5.63$5.38
Blended Fair Value$13.25
Current Price$2.86
Upside363.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS27.42%0.00%0.150.030.000.010.020.040.010.000.000.00
YoY Growth--347.58%2,605.07%-75.83%-77.15%-49.76%434.08%0.00%0.00%0.00%0.00%
Dividend Yield--5.13%0.72%0.06%0.13%0.16%0.33%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)49.83
(-) Cash Dividends Paid (M)40.97
(=) Cash Retained (M)8.86
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.976.233.74
Cash Retained (M)8.868.868.86
(-) Cash Required (M)-9.97-6.23-3.74
(=) Excess Retained (M)-1.102.645.13
(/) Shares Outstanding (M)439.94439.94439.94
(=) Excess Retained per Share0.000.010.01
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.000.010.01
(=) Adjusted Dividend0.090.100.10
WACC / Discount Rate5.34%5.34%5.34%
Growth Rate5.50%6.50%7.50%
Fair Value$19.12$21.11$22.53
Upside / Downside568.49%638.09%687.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.8353.0756.5260.1964.1068.2770.32
Payout Ratio82.21%83.77%85.33%86.88%88.44%90.00%92.50%
Projected Dividends (M)40.9744.4548.2252.3056.6961.4465.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.34%5.34%5.34%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)41.8042.2042.60
Year 2 PV (M)42.6543.4644.28
Year 3 PV (M)43.4944.7446.01
Year 4 PV (M)44.3446.0447.80
Year 5 PV (M)45.1947.3749.64
PV of Terminal Value (M)2,045.022,143.802,246.35
Equity Value (M)2,262.502,367.622,476.68
Shares Outstanding (M)439.94439.94439.94
Fair Value$5.14$5.38$5.63
Upside / Downside79.82%88.17%96.84%

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