Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Administradora de Fondos de Pensiones Habitat S.A. (HABITAT.SN)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$1,434.55 - $2,211.41$1,795.70
Multi-Stage$2,863.13 - $3,143.31$3,000.51
Blended Fair Value$2,398.11
Current Price$1,090.50
Upside119.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS13.05%0.00%119.97107.97119.97109.9730.5364.980.000.000.000.00
YoY Growth--11.11%-10.00%9.09%260.24%-53.02%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--10.91%12.26%22.64%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)154,999.90
(-) Cash Dividends Paid (M)110,000.00
(=) Cash Retained (M)44,999.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30,999.9819,374.9911,624.99
Cash Retained (M)44,999.9044,999.9044,999.90
(-) Cash Required (M)-30,999.98-19,374.99-11,624.99
(=) Excess Retained (M)13,999.9225,624.9133,374.91
(/) Shares Outstanding (M)1,000.261,000.261,000.26
(=) Excess Retained per Share14.0025.6233.37
LTM Dividend per Share109.97109.97109.97
(+) Excess Retained per Share14.0025.6233.37
(=) Adjusted Dividend123.97135.59143.34
WACC / Discount Rate7.12%7.12%7.12%
Growth Rate-1.40%-0.40%0.60%
Fair Value$1,434.55$1,795.70$2,211.41
Upside / Downside31.55%64.67%102.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)154,999.90154,383.92153,770.40153,159.31152,550.65151,944.41156,502.74
Payout Ratio70.97%74.77%78.58%82.39%86.19%90.00%92.50%
Projected Dividends (M)110,000.00115,439.39120,833.81126,183.54131,488.83136,749.97144,765.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.12%7.12%7.12%
Growth Rate-1.40%-0.40%0.60%
Year 1 PV (M)106,681.09107,763.02108,844.95
Year 2 PV (M)103,194.21105,297.96107,422.94
Year 3 PV (M)99,587.08102,647.86105,770.73
Year 4 PV (M)95,900.8899,850.86103,921.63
Year 5 PV (M)92,171.0296,940.65101,905.72
PV of Terminal Value (M)2,366,342.502,488,795.122,616,265.38
Equity Value (M)2,863,876.783,001,295.483,144,131.35
Shares Outstanding (M)1,000.261,000.261,000.26
Fair Value$2,863.13$3,000.51$3,143.31
Upside / Downside162.55%175.15%188.25%

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