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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Fair Value | $2.67 - $3.04 | $2.82 |
| Upside | 47.8% - 68.1% | 55.7% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (BRL in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 7,117 | 4,230 | 4,602 | 4,424 | 4,904 | 5,560 | 5,560 | |
| % Growth | 23.5% | -40.6% | 8.8% | -3.9% | 10.8% | 13.4% | ||
| Payout Ratio | 60.3% | 66.0% | 72.0% | 78.0% | 84.0% | 90.0% | 92.5% | |
| Projected Dividends | 4,294 | 4,294 | 3,313 | 3,451 | 4,119 | 5,004 | 5,143 | |
| % Growth | 0.0% | -22.8% | 4.1% | 19.4% | 21.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (BRL in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 598 | 1,416 | 2,094 | 1,823 | 4,294 | 1,823 | 4,294 | |
| % Growth | 137% | 48% | -13% | 136% | 136% | |||
| Net Income to Common | 2,864 | 3,751 | 4,092 | 5,764 | 7,117 | 5,764 | 7,117 | |
| % Growth | 31% | 9% | 41% | 23% | 23% | |||
| Payout Ratio | 21% | 38% | 51% | 32% | 60% | 32% | 60% | |
| Retention Ratio | 79% | 62% | 49% | 68% | 40% | 68% | 40% | |
| Adjusted EBITDA | 5,239 | 6,674 | 6,021 | 7,776 | 9,420 | 7,776 | 9,420 | |
| % Growth | 27% | -10% | 29% | 21% | 21% | |||
| Total Debt | 15,247 | 11,608 | 10,934 | 10,264 | 12,709 | 10,264 | 12,709 | |
| Shareholder's Equity | 17,473 | 19,456 | 21,777 | 24,649 | 27,378 | 24,649 | 27,378 | |
| Debt / EBITDA | 2.9 | 1.7 | 1.8 | 1.3 | 1.3 | 1.1 | ||
| Debt / Equity | 87% | 60% | 50% | 42% | 46% | 42% | 46% | |
| 3-Yr Avg. Dividend Growth | 56.8% | |||||||
| 5-Yr Median Payout Ratio | 37.8% | |||||||