Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Banco Latinoamericano de Comercio Exterior, S. A. (BLX)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$1,015.24 - $1,196.13$1,120.95
Multi-Stage$320.87 - $351.75$336.02
Blended Fair Value$728.49
Current Price$45.97
Upside1,484.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.33%2.98%1.970.980.981.041.211.591.661.641.631.62
YoY Growth--100.67%0.35%-6.30%-13.65%-24.14%-4.32%1.54%0.78%0.32%10.47%
Dividend Yield--5.38%3.29%5.62%6.70%7.98%15.45%8.14%5.77%5.86%6.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)222.39
(-) Cash Dividends Paid (M)82.41
(=) Cash Retained (M)139.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)44.4827.8016.68
Cash Retained (M)139.98139.98139.98
(-) Cash Required (M)-44.48-27.80-16.68
(=) Excess Retained (M)95.50112.18123.30
(/) Shares Outstanding (M)36.9836.9836.98
(=) Excess Retained per Share2.583.033.33
LTM Dividend per Share2.232.232.23
(+) Excess Retained per Share2.583.033.33
(=) Adjusted Dividend4.815.265.56
WACC / Discount Rate4.96%4.96%4.96%
Growth Rate5.50%6.50%7.50%
Fair Value$1,015.24$1,120.95$1,196.13
Upside / Downside2,108.49%2,338.44%2,501.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)222.39236.85252.24268.64286.10304.69313.83
Payout Ratio37.06%47.65%58.23%68.82%79.41%90.00%92.50%
Projected Dividends (M)82.41112.85146.89184.88227.19274.22290.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.96%4.96%4.96%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)106.50107.51108.52
Year 2 PV (M)130.84133.33135.85
Year 3 PV (M)155.43159.89164.43
Year 4 PV (M)180.26187.19194.32
Year 5 PV (M)205.34215.26225.56
PV of Terminal Value (M)11,086.1011,621.5712,177.52
Equity Value (M)11,864.4812,424.7613,006.22
Shares Outstanding (M)36.9836.9836.98
Fair Value$320.87$336.02$351.75
Upside / Downside598.00%630.96%665.17%

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