Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Alupar Investimento S.A. (ALUP11.SA)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$57.90 - $112.99$79.73
Multi-Stage$67.69 - $73.90$70.73
Blended Fair Value$75.23
Current Price$31.99
Upside135.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.69%-0.74%2.913.403.252.682.001.341.551.331.491.45
YoY Growth---14.50%4.67%20.99%34.09%48.99%-13.35%16.68%-11.01%3.23%-53.78%
Dividend Yield--10.40%11.94%13.58%10.94%8.78%6.72%7.52%8.43%8.20%11.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,163.36
(-) Cash Dividends Paid (M)1,118.14
(=) Cash Retained (M)45.22
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)232.67145.4287.25
Cash Retained (M)45.2245.2245.22
(-) Cash Required (M)-232.67-145.42-87.25
(=) Excess Retained (M)-187.45-100.20-42.03
(/) Shares Outstanding (M)327.63327.63327.63
(=) Excess Retained per Share-0.57-0.31-0.13
LTM Dividend per Share3.413.413.41
(+) Excess Retained per Share-0.57-0.31-0.13
(=) Adjusted Dividend2.843.113.28
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate2.93%3.93%4.93%
Fair Value$57.90$79.73$112.99
Upside / Downside80.99%149.23%253.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,163.361,209.121,256.691,306.131,357.511,410.921,453.24
Payout Ratio96.11%94.89%93.67%92.45%91.22%90.00%92.50%
Projected Dividends (M)1,118.141,147.341,177.111,207.451,238.361,269.831,344.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate2.93%3.93%4.93%
Year 1 PV (M)1,052.281,062.511,072.73
Year 2 PV (M)990.151,009.481,029.00
Year 3 PV (M)931.52958.93986.88
Year 4 PV (M)876.21910.76946.32
Year 5 PV (M)824.04864.85907.26
PV of Terminal Value (M)17,501.5918,368.4119,269.23
Equity Value (M)22,175.7923,174.9324,211.42
Shares Outstanding (M)327.63327.63327.63
Fair Value$67.69$70.73$73.90
Upside / Downside111.58%121.12%131.00%

High-Yield Dividend Screener

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