Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

EZTEC Empreendimentos e Participações S.A. (EZTC3.SA)

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

Valuation Snapshot

Stable Growth$416.87 - $491.14$460.27
Multi-Stage$124.35 - $136.25$130.19
Blended Fair Value$295.23
Current Price$16.44
Upside1,695.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS59.04%5.41%1.070.200.780.440.300.110.392.820.710.74
YoY Growth--427.34%-73.98%78.50%44.16%188.17%-72.82%-86.27%299.34%-4.43%16.87%
Dividend Yield--7.03%1.33%7.00%2.60%1.10%0.41%2.03%18.51%6.37%8.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)544.11
(-) Cash Dividends Paid (M)300.37
(=) Cash Retained (M)243.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)108.8268.0140.81
Cash Retained (M)243.73243.73243.73
(-) Cash Required (M)-108.82-68.01-40.81
(=) Excess Retained (M)134.91175.72202.93
(/) Shares Outstanding (M)220.32220.32220.32
(=) Excess Retained per Share0.610.800.92
LTM Dividend per Share1.361.361.36
(+) Excess Retained per Share0.610.800.92
(=) Adjusted Dividend1.982.162.28
WACC / Discount Rate5.09%5.09%5.09%
Growth Rate5.50%6.50%7.50%
Fair Value$416.87$460.27$491.14
Upside / Downside2,435.71%2,699.72%2,887.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)544.11579.47617.14657.25699.98745.47767.84
Payout Ratio55.20%62.16%69.12%76.08%83.04%90.00%92.50%
Projected Dividends (M)300.37360.22426.58500.05581.27670.93710.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.09%5.09%5.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)339.56342.78346.00
Year 2 PV (M)379.05386.27393.56
Year 3 PV (M)418.84430.86443.11
Year 4 PV (M)458.94476.59494.74
Year 5 PV (M)499.34523.46548.50
PV of Terminal Value (M)25,301.0726,523.1227,791.94
Equity Value (M)27,396.8028,683.0830,017.85
Shares Outstanding (M)220.32220.32220.32
Fair Value$124.35$130.19$136.25
Upside / Downside656.38%691.90%728.75%

High-Yield Dividend Screener

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