Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Corporación Moctezuma, S.A.B. de C.V. (CMOCTEZ.MX)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$321.78 - $1,434.23$753.79
Multi-Stage$171.07 - $186.83$178.80
Blended Fair Value$466.30
Current Price$82.00
Upside468.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.64%9.29%5.024.034.084.104.114.865.475.164.132.06
YoY Growth--24.49%-1.22%-0.45%-0.26%-15.44%-11.18%6.00%25.00%100.00%0.00%
Dividend Yield--6.21%5.37%7.10%6.45%6.52%8.72%9.16%7.06%6.45%3.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,151.35
(-) Cash Dividends Paid (M)4,269.82
(=) Cash Retained (M)1,881.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,230.27768.92461.35
Cash Retained (M)1,881.531,881.531,881.53
(-) Cash Required (M)-1,230.27-768.92-461.35
(=) Excess Retained (M)651.261,112.611,420.17
(/) Shares Outstanding (M)852.97852.97852.97
(=) Excess Retained per Share0.761.301.66
LTM Dividend per Share5.015.015.01
(+) Excess Retained per Share0.761.301.66
(=) Adjusted Dividend5.776.316.67
WACC / Discount Rate7.39%7.39%7.39%
Growth Rate5.50%6.50%7.50%
Fair Value$321.78$753.79$1,434.23
Upside / Downside292.42%819.25%1,649.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,151.356,551.186,977.017,430.527,913.508,427.888,680.71
Payout Ratio69.41%73.53%77.65%81.77%85.88%90.00%92.50%
Projected Dividends (M)4,269.824,817.105,417.496,075.576,796.327,585.098,029.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.39%7.39%7.39%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)4,443.434,485.554,527.67
Year 2 PV (M)4,609.604,697.404,786.03
Year 3 PV (M)4,768.544,905.435,044.91
Year 4 PV (M)4,920.455,109.675,304.31
Year 5 PV (M)5,065.525,310.195,564.22
PV of Terminal Value (M)122,107.67128,005.52134,129.09
Equity Value (M)145,915.22152,513.76159,356.22
Shares Outstanding (M)852.97852.97852.97
Fair Value$171.07$178.80$186.83
Upside / Downside108.62%118.05%127.84%

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