Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Lavvi Empreendimentos Imobiliários S.A. (LAVV3.SA)

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

Valuation Snapshot

Stable Growth$205.73 - $448.66$420.46
Multi-Stage$68.72 - $75.16$71.88
Blended Fair Value$246.17
Current Price$14.92
Upside1,549.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS162.99%0.00%0.830.800.700.820.010.010.010.000.000.00
YoY Growth--3.47%15.30%-14.87%8,568.82%42.89%-47.17%0.00%0.00%0.00%0.00%
Dividend Yield--9.00%8.50%13.68%15.91%0.12%0.11%0.21%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)429.38
(-) Cash Dividends Paid (M)267.14
(=) Cash Retained (M)162.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)85.8853.6732.20
Cash Retained (M)162.25162.25162.25
(-) Cash Required (M)-85.88-53.67-32.20
(=) Excess Retained (M)76.37108.57130.04
(/) Shares Outstanding (M)190.33190.33190.33
(=) Excess Retained per Share0.400.570.68
LTM Dividend per Share1.401.401.40
(+) Excess Retained per Share0.400.570.68
(=) Adjusted Dividend1.801.972.09
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate5.50%6.50%7.50%
Fair Value$205.73$420.46$448.66
Upside / Downside1,278.89%2,718.10%2,907.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)429.38457.29487.02518.67552.39588.29605.94
Payout Ratio62.21%67.77%73.33%78.89%84.44%90.00%92.50%
Projected Dividends (M)267.14309.91357.12409.16466.45529.46560.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)288.47291.20293.94
Year 2 PV (M)309.41315.30321.25
Year 3 PV (M)329.96339.43349.08
Year 4 PV (M)350.13363.60377.45
Year 5 PV (M)369.93387.80406.35
PV of Terminal Value (M)11,432.2611,984.4412,557.75
Equity Value (M)13,080.1613,681.7714,305.82
Shares Outstanding (M)190.33190.33190.33
Fair Value$68.72$71.88$75.16
Upside / Downside360.61%381.80%403.78%

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