Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Markolines Pavement Technologi (MARKOLINES.BO)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$132.13 - $204.46$165.67
Multi-Stage$292.83 - $322.88$307.56
Blended Fair Value$236.61
Current Price$162.40
Upside45.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019
DPS0.00%0.00%0.890.610.000.000.000.000.000.000.000.00
YoY Growth--45.79%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.55%0.26%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)304.31
(-) Cash Dividends Paid (M)32.22
(=) Cash Retained (M)272.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)60.8638.0422.82
Cash Retained (M)272.09272.09272.09
(-) Cash Required (M)-60.86-38.04-22.82
(=) Excess Retained (M)211.23234.05249.27
(/) Shares Outstanding (M)21.4421.4421.44
(=) Excess Retained per Share9.8510.9111.62
LTM Dividend per Share1.501.501.50
(+) Excess Retained per Share9.8510.9111.62
(=) Adjusted Dividend11.3512.4213.13
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Fair Value$132.13$165.67$204.46
Upside / Downside-18.64%2.01%25.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)304.31301.27298.25295.27292.32289.40298.08
Payout Ratio10.59%26.47%42.35%58.24%74.12%90.00%92.50%
Projected Dividends (M)32.2279.75126.32171.95216.66260.46275.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)74.1874.9375.69
Year 2 PV (M)109.30111.54113.80
Year 3 PV (M)138.39142.67147.04
Year 4 PV (M)162.20168.92175.85
Year 5 PV (M)181.37190.82200.65
PV of Terminal Value (M)5,614.225,906.576,210.97
Equity Value (M)6,279.666,595.456,924.00
Shares Outstanding (M)21.4421.4421.44
Fair Value$292.83$307.56$322.88
Upside / Downside80.31%89.38%98.82%

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