Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Multiplan Empreendimentos Imobiliários S.A. (MULT3.SA)

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

Valuation Snapshot

Stable Growth$409.19 - $482.09$451.79
Multi-Stage$95.81 - $104.94$100.29
Blended Fair Value$276.04
Current Price$29.08
Upside849.24%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.91%17.97%1.010.760.410.470.290.440.590.160.230.36
YoY Growth--33.63%84.39%-12.10%59.76%-34.15%-25.16%270.13%-29.75%-36.71%86.03%
Dividend Yield--4.47%3.13%1.78%2.15%1.37%2.72%3.03%0.85%1.27%2.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,232.03
(-) Cash Dividends Paid (M)526.63
(=) Cash Retained (M)705.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)246.41154.0092.40
Cash Retained (M)705.40705.40705.40
(-) Cash Required (M)-246.41-154.00-92.40
(=) Excess Retained (M)459.00551.40613.00
(/) Shares Outstanding (M)508.24508.24508.24
(=) Excess Retained per Share0.901.081.21
LTM Dividend per Share1.041.041.04
(+) Excess Retained per Share0.901.081.21
(=) Adjusted Dividend1.942.122.24
WACC / Discount Rate5.63%5.63%5.63%
Growth Rate5.50%6.50%7.50%
Fair Value$409.19$451.79$482.09
Upside / Downside1,307.10%1,453.61%1,557.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,232.031,312.111,397.401,488.231,584.961,687.991,738.63
Payout Ratio42.74%52.20%61.65%71.10%80.55%90.00%92.50%
Projected Dividends (M)526.63684.87861.451,058.101,276.671,519.191,608.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.63%5.63%5.63%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)642.27648.36654.44
Year 2 PV (M)757.62772.05786.62
Year 3 PV (M)872.68897.74923.26
Year 4 PV (M)987.461,025.441,064.50
Year 5 PV (M)1,101.951,155.171,210.44
PV of Terminal Value (M)44,332.5646,473.8448,697.07
Equity Value (M)48,694.5450,972.5953,336.33
Shares Outstanding (M)508.24508.24508.24
Fair Value$95.81$100.29$104.94
Upside / Downside229.47%244.88%260.87%

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