Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Brisanet Participações S.A. (BRIT3.SA)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$3.12 - $10.56$5.11
Multi-Stage$2.13 - $2.32$2.23
Blended Fair Value$3.67
Current Price$2.86
Upside28.20%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS27.42%0.00%0.150.030.000.010.020.040.010.000.000.00
YoY Growth--347.58%2,605.07%-75.83%-77.15%-49.76%434.08%0.00%0.00%0.00%0.00%
Dividend Yield--5.13%0.72%0.06%0.13%0.16%0.33%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)49.83
(-) Cash Dividends Paid (M)40.97
(=) Cash Retained (M)8.86
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.976.233.74
Cash Retained (M)8.868.868.86
(-) Cash Required (M)-9.97-6.23-3.74
(=) Excess Retained (M)-1.102.645.13
(/) Shares Outstanding (M)439.94439.94439.94
(=) Excess Retained per Share0.000.010.01
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.000.010.01
(=) Adjusted Dividend0.090.100.10
WACC / Discount Rate8.57%8.57%8.57%
Growth Rate5.50%6.50%7.50%
Fair Value$3.12$5.11$10.56
Upside / Downside9.00%78.59%269.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.8353.0756.5260.1964.1068.2770.32
Payout Ratio82.21%83.77%85.33%86.88%88.44%90.00%92.50%
Projected Dividends (M)40.9744.4548.2252.3056.6961.4465.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.57%8.57%8.57%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)40.5640.9541.33
Year 2 PV (M)40.1540.9141.69
Year 3 PV (M)39.7340.8742.03
Year 4 PV (M)39.3040.8142.36
Year 5 PV (M)38.8640.7442.69
PV of Terminal Value (M)739.04774.73811.79
Equity Value (M)937.63979.011,021.89
Shares Outstanding (M)439.94439.94439.94
Fair Value$2.13$2.23$2.32
Upside / Downside-25.48%-22.19%-18.78%

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