Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Construtora Adolpho Lindenberg S.A. (CALI3.SA)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$32.42 - $48.02$39.88
Multi-Stage$57.47 - $63.33$60.34
Blended Fair Value$50.11
Current Price$25.00
Upside100.44%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-2.29%0.450.330.310.000.000.000.210.200.680.39
YoY Growth--38.19%3.62%0.00%0.00%0.00%-100.00%9.22%-71.11%74.76%-31.64%
Dividend Yield--1.80%1.25%3.46%0.00%0.00%0.00%1.74%1.24%4.31%2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)20.70
(-) Cash Dividends Paid (M)0.00
(=) Cash Retained (M)20.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.142.591.55
Cash Retained (M)20.7020.7020.70
(-) Cash Required (M)-4.14-2.59-1.55
(=) Excess Retained (M)16.5618.1119.15
(/) Shares Outstanding (M)5.095.095.09
(=) Excess Retained per Share3.253.563.76
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share3.253.563.76
(=) Adjusted Dividend3.253.563.76
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate-2.00%-1.00%0.00%
Fair Value$32.42$39.88$48.02
Upside / Downside29.69%59.51%92.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20.7020.4920.2920.0919.8919.6920.28
Payout Ratio0.00%18.00%36.00%54.00%72.00%90.00%92.50%
Projected Dividends (M)0.003.697.3010.8514.3217.7218.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3.393.423.46
Year 2 PV (M)6.166.286.41
Year 3 PV (M)8.398.658.91
Year 4 PV (M)10.1710.5911.02
Year 5 PV (M)11.5512.1512.78
PV of Terminal Value (M)252.84266.01279.72
Equity Value (M)292.49307.10322.30
Shares Outstanding (M)5.095.095.09
Fair Value$57.47$60.34$63.33
Upside / Downside129.88%141.36%153.31%

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