Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fundo de Investimento Imobiliário - FII BTG Pactual Corporate Office Fund (BRCR11.SA)

Company Dividend Discount ModelIndustry: REIT - OfficeSector: Real Estate

Valuation Snapshot

Stable Growth$11.92 - $17.00$14.41
Multi-Stage$20.08 - $21.95$21.00
Blended Fair Value$17.70
Current Price$40.00
Upside-55.74%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.000.005.3012.163.215.0110.448.97
YoY Growth--0.00%0.00%0.00%-100.00%-56.44%278.51%-35.88%-51.98%16.36%-0.45%
Dividend Yield--0.00%0.00%0.00%0.00%6.46%13.75%3.38%4.71%10.01%8.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)46.87
(-) Cash Dividends Paid (M)38.09
(=) Cash Retained (M)8.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.375.863.52
Cash Retained (M)8.788.788.78
(-) Cash Required (M)-9.37-5.86-3.52
(=) Excess Retained (M)-0.602.925.26
(/) Shares Outstanding (M)26.6426.6426.64
(=) Excess Retained per Share-0.020.110.20
LTM Dividend per Share1.431.431.43
(+) Excess Retained per Share-0.020.110.20
(=) Adjusted Dividend1.411.541.63
WACC / Discount Rate9.58%9.58%9.58%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.92$14.41$17.00
Upside / Downside-70.21%-63.97%-57.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)46.8746.4045.9445.4845.0244.5745.91
Payout Ratio81.27%83.02%84.76%86.51%88.25%90.00%92.50%
Projected Dividends (M)38.0938.5238.9439.3439.7340.1142.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.58%9.58%9.58%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)34.8035.1535.51
Year 2 PV (M)31.7832.4333.09
Year 3 PV (M)29.0129.9030.82
Year 4 PV (M)26.4727.5628.69
Year 5 PV (M)24.1425.3926.70
PV of Terminal Value (M)388.61408.85429.92
Equity Value (M)534.80559.29584.73
Shares Outstanding (M)26.6426.6426.64
Fair Value$20.08$21.00$21.95
Upside / Downside-49.81%-47.51%-45.12%

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