Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Intelbras S.A. - Indústria de Telecomunicação Eletrônica Brasileira (INTB3.SA)

Company Dividend Discount ModelIndustry: Communication EquipmentSector: Technology

Valuation Snapshot

Stable Growth$58.94 - $287.60$125.83
Multi-Stage$31.93 - $34.92$33.40
Blended Fair Value$79.62
Current Price$11.78
Upside575.87%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.55%8.03%0.370.530.350.400.070.280.190.160.100.06
YoY Growth---31.03%49.98%-11.94%480.67%-75.23%46.80%16.41%62.93%58.73%-62.62%
Dividend Yield--2.85%2.66%1.64%1.28%0.37%1.54%1.05%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)472.74
(-) Cash Dividends Paid (M)160.63
(=) Cash Retained (M)312.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)94.5559.0935.46
Cash Retained (M)312.11312.11312.11
(-) Cash Required (M)-94.55-59.09-35.46
(=) Excess Retained (M)217.56253.02276.65
(/) Shares Outstanding (M)326.90326.90326.90
(=) Excess Retained per Share0.670.770.85
LTM Dividend per Share0.490.490.49
(+) Excess Retained per Share0.670.770.85
(=) Adjusted Dividend1.161.271.34
WACC / Discount Rate7.57%7.57%7.57%
Growth Rate5.50%6.50%7.50%
Fair Value$58.94$125.83$287.60
Upside / Downside400.31%968.20%2,341.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)472.74503.47536.19571.04608.16647.69667.12
Payout Ratio33.98%45.18%56.39%67.59%78.80%90.00%92.50%
Projected Dividends (M)160.63227.48302.34385.98479.21582.92617.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.57%7.57%7.57%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)209.49211.47213.46
Year 2 PV (M)256.40261.28266.21
Year 3 PV (M)301.43310.08318.90
Year 4 PV (M)344.63357.88371.52
Year 5 PV (M)386.06404.70424.06
PV of Terminal Value (M)8,940.909,372.759,821.13
Equity Value (M)10,438.9110,918.1811,415.28
Shares Outstanding (M)326.90326.90326.90
Fair Value$31.93$33.40$34.92
Upside / Downside171.08%183.53%196.44%

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