Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Besalco S.A. (BESALCO.SN)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$15,455.21 - $18,208.85$17,064.36
Multi-Stage$10,564.38 - $11,593.21$11,069.19
Blended Fair Value$14,066.78
Current Price$861.99
Upside1,531.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS15.00%0.00%41.2731.9219.5318.068.4520.520.000.000.000.00
YoY Growth--29.28%63.49%8.10%113.70%-58.81%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.62%5.74%4.83%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)50,692.21
(-) Cash Dividends Paid (M)17,622.94
(=) Cash Retained (M)33,069.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,138.446,336.533,801.92
Cash Retained (M)33,069.2733,069.2733,069.27
(-) Cash Required (M)-10,138.44-6,336.53-3,801.92
(=) Excess Retained (M)22,930.8326,732.7529,267.36
(/) Shares Outstanding (M)553.65553.65553.65
(=) Excess Retained per Share41.4248.2852.86
LTM Dividend per Share31.8331.8331.83
(+) Excess Retained per Share41.4248.2852.86
(=) Adjusted Dividend73.2580.1184.69
WACC / Discount Rate2.21%2.21%2.21%
Growth Rate5.50%6.50%7.50%
Fair Value$15,455.21$17,064.36$18,208.85
Upside / Downside1,692.97%1,879.65%2,012.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)50,692.2153,987.2057,496.3761,233.6465,213.8269,452.7271,536.30
Payout Ratio34.76%45.81%56.86%67.91%78.95%90.00%92.50%
Projected Dividends (M)17,622.9424,732.4432,691.7241,581.2151,488.2262,507.4566,171.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.21%2.21%2.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)23,969.5624,196.7624,423.96
Year 2 PV (M)30,706.0631,290.9231,881.30
Year 3 PV (M)37,850.9338,937.5040,044.66
Year 4 PV (M)45,423.4847,170.3448,967.10
Year 5 PV (M)53,443.8256,025.1858,705.33
PV of Terminal Value (M)5,657,622.025,930,887.286,214,611.04
Equity Value (M)5,849,015.876,128,507.976,418,633.40
Shares Outstanding (M)553.65553.65553.65
Fair Value$10,564.38$11,069.19$11,593.21
Upside / Downside1,125.58%1,184.14%1,244.94%

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