Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Banco Macro S.A. (BMA.BA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$19,859.19 - $84,898.97$34,379.13
Multi-Stage$12,661.95 - $13,820.38$13,230.70
Blended Fair Value$23,804.92
Current Price$8,410.00
Upside183.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS92.90%0.00%730.260.2893.000.000.0027.3414.781.320.000.00
YoY Growth--259,773.57%-99.70%0.00%-100.00%-100.00%85.01%1,015.59%0.00%0.00%0.00%
Dividend Yield--7.35%0.01%12.90%0.00%0.00%18.93%319.14%12.50%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)415,381.79
(-) Cash Dividends Paid (M)244,441.05
(=) Cash Retained (M)170,940.74
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)83,076.3651,922.7231,153.63
Cash Retained (M)170,940.74170,940.74170,940.74
(-) Cash Required (M)-83,076.36-51,922.72-31,153.63
(=) Excess Retained (M)87,864.38119,018.02139,787.11
(/) Shares Outstanding (M)639.41639.41639.41
(=) Excess Retained per Share137.41186.14218.62
LTM Dividend per Share382.29382.29382.29
(+) Excess Retained per Share137.41186.14218.62
(=) Adjusted Dividend519.70568.43600.91
WACC / Discount Rate8.26%8.26%8.26%
Growth Rate5.50%6.50%7.50%
Fair Value$19,859.19$34,379.13$84,898.97
Upside / Downside136.14%308.79%909.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)415,381.79442,381.60471,136.41501,760.27534,374.69569,109.05586,182.32
Payout Ratio58.85%65.08%71.31%77.54%83.77%90.00%92.50%
Projected Dividends (M)244,441.05287,892.46335,959.79389,059.54447,642.81512,198.14542,218.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.26%8.26%8.26%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)263,427.80265,924.75268,421.69
Year 2 PV (M)281,287.18286,644.91292,053.18
Year 3 PV (M)298,064.33306,620.69315,339.25
Year 4 PV (M)313,802.85325,870.82338,283.56
Year 5 PV (M)328,544.78344,413.62360,889.79
PV of Terminal Value (M)6,611,088.596,930,406.647,261,945.74
Equity Value (M)8,096,215.538,459,881.428,836,933.23
Shares Outstanding (M)639.41639.41639.41
Fair Value$12,661.95$13,230.70$13,820.38
Upside / Downside50.56%57.32%64.33%

High-Yield Dividend Screener

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