Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Inclusio S.A. (INCLU.BR)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$67.51 - $107.54$85.71
Multi-Stage$175.36 - $193.44$184.22
Blended Fair Value$134.96
Current Price$17.00
Upside693.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.740.700.500.000.000.000.000.000.000.00
YoY Growth--7.10%39.87%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.48%5.31%3.62%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)49.61
(-) Cash Dividends Paid (M)8.83
(=) Cash Retained (M)40.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.926.203.72
Cash Retained (M)40.7840.7840.78
(-) Cash Required (M)-9.92-6.20-3.72
(=) Excess Retained (M)30.8634.5837.06
(/) Shares Outstanding (M)7.477.477.47
(=) Excess Retained per Share4.134.634.96
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share4.134.634.96
(=) Adjusted Dividend5.315.816.14
WACC / Discount Rate5.71%5.71%5.71%
Growth Rate-2.00%-1.00%0.00%
Fair Value$67.51$85.71$107.54
Upside / Downside297.13%404.16%532.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.6149.1248.6348.1447.6647.1848.60
Payout Ratio17.79%32.23%46.68%61.12%75.56%90.00%92.50%
Projected Dividends (M)8.8315.8322.7029.4236.0142.4644.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.71%5.71%5.71%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)14.8314.9815.13
Year 2 PV (M)19.9020.3120.72
Year 3 PV (M)24.1624.9025.67
Year 4 PV (M)27.6928.8330.02
Year 5 PV (M)30.5732.1633.82
PV of Terminal Value (M)1,192.691,254.801,319.47
Equity Value (M)1,309.831,375.991,444.82
Shares Outstanding (M)7.477.477.47
Fair Value$175.36$184.22$193.44
Upside / Downside931.56%983.65%1,037.86%

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