Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Empresa Nacional de Telecomunicaciones S.A. (ENTEL.SN)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$5,841.08 - $13,798.95$8,607.05
Multi-Stage$6,821.34 - $7,470.97$7,140.08
Blended Fair Value$7,873.57
Current Price$3,000.60
Upside162.40%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS425.51%4.58%285.5094.181,239.23838.92153.890.0744.0534.130.1230.10
YoY Growth--203.15%-92.40%47.72%445.15%215,930.69%-99.84%29.06%27,404.57%-99.59%-83.50%
Dividend Yield--9.81%2.80%39.53%24.39%3.40%0.00%0.63%0.49%0.00%0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)85,589.04
(-) Cash Dividends Paid (M)54,154.87
(=) Cash Retained (M)31,434.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17,117.8110,698.636,419.18
Cash Retained (M)31,434.1731,434.1731,434.17
(-) Cash Required (M)-17,117.81-10,698.63-6,419.18
(=) Excess Retained (M)14,316.3620,735.5425,014.99
(/) Shares Outstanding (M)302.02302.02302.02
(=) Excess Retained per Share47.4068.6682.83
LTM Dividend per Share179.31179.31179.31
(+) Excess Retained per Share47.4068.6682.83
(=) Adjusted Dividend226.71247.97262.14
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate2.84%3.84%4.84%
Fair Value$5,841.08$8,607.05$13,798.95
Upside / Downside94.66%186.84%359.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)85,589.0488,876.9992,291.2595,836.6899,518.30103,341.36106,441.60
Payout Ratio63.27%68.62%73.96%79.31%84.65%90.00%92.50%
Projected Dividends (M)54,154.8760,986.0768,262.1976,007.3584,246.8593,007.2298,458.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate2.84%3.84%4.84%
Year 1 PV (M)56,535.5657,085.2957,635.03
Year 2 PV (M)58,662.7459,809.1360,966.60
Year 3 PV (M)60,552.0462,335.6464,153.93
Year 4 PV (M)62,218.2764,673.7667,201.22
Year 5 PV (M)63,675.4566,832.0470,112.60
PV of Terminal Value (M)1,758,501.561,845,676.141,936,274.16
Equity Value (M)2,060,145.622,156,412.012,256,343.55
Shares Outstanding (M)302.02302.02302.02
Fair Value$6,821.34$7,140.08$7,470.97
Upside / Downside127.33%137.96%148.98%

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