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Fibra Mty, S.A.P.I. de C.V. (FMTY14.MX)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$17.26 - $26.15$21.44
Multi-Stage$35.70 - $39.26$37.44
Blended Fair Value$29.44
Current Price$13.14
Upside124.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS104.14%0.00%0.850.050.430.030.070.020.000.000.000.00
YoY Growth--1,769.37%-89.38%1,446.41%-61.71%201.72%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--7.20%0.40%3.49%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)4,826.74
(-) Cash Dividends Paid (M)2,242.05
(=) Cash Retained (M)2,584.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)965.35603.34362.01
Cash Retained (M)2,584.702,584.702,584.70
(-) Cash Required (M)-965.35-603.34-362.01
(=) Excess Retained (M)1,619.351,981.352,222.69
(/) Shares Outstanding (M)2,428.212,428.212,428.21
(=) Excess Retained per Share0.670.820.92
LTM Dividend per Share0.920.920.92
(+) Excess Retained per Share0.670.820.92
(=) Adjusted Dividend1.591.741.84
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-2.00%-1.00%0.00%
Fair Value$17.26$21.44$26.15
Upside / Downside31.32%63.17%99.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,826.744,778.484,730.694,683.384,636.554,590.184,727.89
Payout Ratio46.45%55.16%63.87%72.58%81.29%90.00%92.50%
Projected Dividends (M)2,242.052,635.833,021.513,399.213,769.064,131.174,373.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)2,437.802,462.672,487.55
Year 2 PV (M)2,584.552,637.562,691.12
Year 3 PV (M)2,689.182,772.352,857.21
Year 4 PV (M)2,757.752,872.052,989.86
Year 5 PV (M)2,795.612,941.183,092.76
PV of Terminal Value (M)73,414.7077,237.5781,218.07
Equity Value (M)86,679.5990,923.3995,336.56
Shares Outstanding (M)2,428.212,428.212,428.21
Fair Value$35.70$37.44$39.26
Upside / Downside171.67%184.97%198.80%

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