Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

LOG Commercial Properties e Participações S.A. (LOGG3.SA)

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

Valuation Snapshot

Stable Growth$744.12 - $876.69$821.59
Multi-Stage$276.62 - $303.26$289.69
Blended Fair Value$555.64
Current Price$23.50
Upside2,264.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS84.37%53.97%2.531.051.010.380.250.120.040.100.020.30
YoY Growth--139.93%4.64%163.62%55.16%107.43%190.60%-58.02%418.12%-93.68%780.05%
Dividend Yield--13.86%5.20%7.14%1.56%1.05%0.67%0.30%0.70%0.13%2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)383.90
(-) Cash Dividends Paid (M)191.15
(=) Cash Retained (M)192.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)76.7847.9928.79
Cash Retained (M)192.75192.75192.75
(-) Cash Required (M)-76.78-47.99-28.79
(=) Excess Retained (M)115.97144.76163.96
(/) Shares Outstanding (M)87.0987.0987.09
(=) Excess Retained per Share1.331.661.88
LTM Dividend per Share2.192.192.19
(+) Excess Retained per Share1.331.661.88
(=) Adjusted Dividend3.533.864.08
WACC / Discount Rate4.68%4.68%4.68%
Growth Rate5.50%6.50%7.50%
Fair Value$744.12$821.59$876.69
Upside / Downside3,066.45%3,396.13%3,630.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)383.90408.85435.43463.73493.88525.98541.76
Payout Ratio49.79%57.83%65.88%73.92%81.96%90.00%92.50%
Projected Dividends (M)191.15236.46286.84342.78404.77473.38501.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.68%4.68%4.68%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)223.76225.88228.00
Year 2 PV (M)256.87261.76266.70
Year 3 PV (M)290.49298.83307.32
Year 4 PV (M)324.61337.10349.94
Year 5 PV (M)359.25376.61394.62
PV of Terminal Value (M)22,634.8323,728.1124,863.22
Equity Value (M)24,089.8225,228.2826,409.81
Shares Outstanding (M)87.0987.0987.09
Fair Value$276.62$289.69$303.26
Upside / Downside1,077.10%1,132.73%1,190.46%

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