Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Cury Construtora e Incorporadora S.A. (CURY3.SA)

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

Valuation Snapshot

Stable Growth$56.75 - $124.88$81.62
Multi-Stage$42.58 - $46.42$44.46
Blended Fair Value$63.04
Current Price$34.57
Upside82.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS29.19%21.83%1.611.090.500.550.560.450.470.230.000.27
YoY Growth--47.26%118.90%-9.09%-2.94%26.52%-4.70%104.28%0.00%-100.00%19.58%
Dividend Yield--6.54%5.39%3.88%7.24%5.80%4.72%4.95%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)871.24
(-) Cash Dividends Paid (M)429.34
(=) Cash Retained (M)441.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)174.25108.9165.34
Cash Retained (M)441.91441.91441.91
(-) Cash Required (M)-174.25-108.91-65.34
(=) Excess Retained (M)267.66333.00376.56
(/) Shares Outstanding (M)300.98300.98300.98
(=) Excess Retained per Share0.891.111.25
LTM Dividend per Share1.431.431.43
(+) Excess Retained per Share0.891.111.25
(=) Adjusted Dividend2.322.532.68
WACC / Discount Rate9.80%9.80%9.80%
Growth Rate5.50%6.50%7.50%
Fair Value$56.75$81.62$124.88
Upside / Downside64.16%136.10%261.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)871.24927.87988.191,052.421,120.821,193.681,229.49
Payout Ratio49.28%57.42%65.57%73.71%81.86%90.00%92.50%
Projected Dividends (M)429.34532.81647.93775.75917.461,074.311,137.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.80%9.80%9.80%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)480.68485.24489.79
Year 2 PV (M)527.34537.38547.52
Year 3 PV (M)569.60585.95602.61
Year 4 PV (M)607.73631.10655.14
Year 5 PV (M)642.00673.01705.20
PV of Terminal Value (M)9,987.2610,469.6510,970.50
Equity Value (M)12,814.6013,382.3213,970.76
Shares Outstanding (M)300.98300.98300.98
Fair Value$42.58$44.46$46.42
Upside / Downside23.16%28.61%34.27%

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