Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Companhia de Participações Aliança da Bahia (PEAB3.SA)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$5.57 - $7.24$6.45
Multi-Stage$11.93 - $13.12$12.52
Blended Fair Value$9.48
Current Price$37.30
Upside-74.57%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-20.01%-2.77%1.260.221.268.0922.973.842.232.050.871.80
YoY Growth--474.45%-82.59%-84.47%-64.76%498.37%71.83%8.92%136.26%-51.85%8.29%
Dividend Yield--2.76%0.59%4.18%12.45%37.68%6.40%6.36%5.13%2.78%6.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.75
(-) Cash Dividends Paid (M)25.77
(=) Cash Retained (M)6.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.554.092.46
Cash Retained (M)6.986.986.98
(-) Cash Required (M)-6.55-4.09-2.46
(=) Excess Retained (M)0.432.894.52
(/) Shares Outstanding (M)18.6918.6918.69
(=) Excess Retained per Share0.020.150.24
LTM Dividend per Share1.381.381.38
(+) Excess Retained per Share0.020.150.24
(=) Adjusted Dividend1.401.531.62
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate-12.26%-11.26%-10.26%
Fair Value$5.57$6.45$7.24
Upside / Downside-85.07%-82.70%-80.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.7529.0625.7922.8820.3118.0218.56
Payout Ratio78.68%80.95%83.21%85.47%87.74%90.00%92.50%
Projected Dividends (M)25.7723.5221.4619.5617.8216.2217.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate-12.26%-11.26%-10.26%
Year 1 PV (M)21.1821.4221.66
Year 2 PV (M)17.3917.7918.20
Year 3 PV (M)14.2714.7715.27
Year 4 PV (M)11.7112.2512.81
Year 5 PV (M)9.5910.1510.74
PV of Terminal Value (M)148.86157.54166.62
Equity Value (M)223.01233.92245.30
Shares Outstanding (M)18.6918.6918.69
Fair Value$11.93$12.52$13.12
Upside / Downside-68.01%-66.45%-64.81%

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