Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

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

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$20.10 - $31.26$25.26
Multi-Stage$46.01 - $50.72$48.32
Blended Fair Value$36.79
Current Price$41.25
Upside-10.82%
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 Rate6.28%6.28%6.28%
Growth Rate-2.00%-1.00%0.00%
Fair Value$20.10$25.26$31.26
Upside / Downside-51.27%-38.77%-24.21%

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 Rate6.28%6.28%6.28%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7.507.587.66
Year 2 PV (M)9.9710.1710.38
Year 3 PV (M)12.0112.3812.76
Year 4 PV (M)13.6614.2314.82
Year 5 PV (M)14.9915.7716.59
PV of Terminal Value (M)483.32508.49534.69
Equity Value (M)541.46568.62596.89
Shares Outstanding (M)11.7711.7711.77
Fair Value$46.01$48.32$50.72
Upside / Downside11.53%17.13%22.95%

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