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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | R$14.85 - R$17.17 | R$16.24 |
| Adjusted Dividend Yield | 18.1% - 20.9% | 19.8% |
| Perpetuity Growth Rate | 1.3% - 1.7% | 1.5% |
| Discount Rate | 16.8% - 14.8% | 15.8% |
| Fair Value | R$96.98 - R$134.36 | R$115.66 |
| Upside | 18.3% - 63.9% | 41.1% |
| Calculate Adjusted Dividend | ||||||||
| (BRL in millions) | Latest | Notes | ||||||
| Net Income To Common | 716 | |||||||
| (-) Cash Dividends Paid | (211) | |||||||
| (=) Cash Retained | 504 | 70.5% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 716 | 716 | 716 | |||||
| (=) Cash Required | 143 | 89 | 54 | |||||
| Cash Retained | 504 | 504 | 504 | |||||
| (-) Cash Required | (143) | (89) | (54) | |||||
| (=) Excess Retained | 361 | 415 | 451 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (BRL) | 361 | 415 | 451 | |||||
| (/) Shares Outstanding | 38.6 | 38.6 | 38.6 | |||||
| (=) Excess Retained per Share | 9.37 | 10.76 | 11.69 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 5.48 | 5.48 | 5.48 | |||||
| (+) Excess Retained per Share | 9.37 | 10.76 | 11.69 | |||||
| Adjusted Dividend | 14.85 | 16.24 | 17.17 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 16.24 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 14.8% | 15.3% | 15.8% | 16.3% | 16.8% | |||
| 0.0% | 110.09 | 106.48 | 103.10 | 99.93 | 96.94 | |||
| 0.5% | 114.52 | 110.64 | 107.01 | 103.61 | 100.43 | |||
| 1.5% | 124.39 | 119.87 | 115.66 | 111.74 | 108.08 | |||
| 2.5% | 135.87 | 130.54 | 125.61 | 121.05 | 116.80 | |||
| 3.5% | 149.39 | 143.03 | 137.19 | 131.81 | 126.84 | |||