Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Vestas Wind Systems A/S (VWSB.DE)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$38.30 - $174.31$87.82
Multi-Stage$82.01 - $90.41$86.13
Blended Fair Value$86.97
Current Price$16.15
Upside438.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.050.220.210.190.240.270.200.11
YoY Growth--0.00%-100.00%-78.13%8.93%6.34%-21.27%-10.07%38.31%73.28%0.00%
Dividend Yield--0.00%0.00%0.18%0.83%0.59%1.27%1.58%2.35%1.30%0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)937.00
(-) Cash Dividends Paid (M)74.01
(=) Cash Retained (M)862.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)187.40117.1370.28
Cash Retained (M)862.99862.99862.99
(-) Cash Required (M)-187.40-117.13-70.28
(=) Excess Retained (M)675.59745.87792.72
(/) Shares Outstanding (M)1,020.471,020.471,020.47
(=) Excess Retained per Share0.660.730.78
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.660.730.78
(=) Adjusted Dividend0.730.800.85
WACC / Discount Rate2.54%2.54%2.54%
Growth Rate0.61%1.61%2.61%
Fair Value$38.30$87.82$174.31
Upside / Downside137.16%443.76%979.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)937.00952.13967.51983.13999.001,015.141,045.59
Payout Ratio7.90%24.32%40.74%57.16%73.58%90.00%92.50%
Projected Dividends (M)74.01231.55394.15561.95735.06913.62967.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.54%2.54%2.54%
Growth Rate0.61%1.61%2.61%
Year 1 PV (M)223.58225.80228.02
Year 2 PV (M)367.49374.84382.25
Year 3 PV (M)505.91521.15536.69
Year 4 PV (M)638.99664.78691.34
Year 5 PV (M)766.89805.76846.20
PV of Terminal Value (M)81,183.3485,298.7089,579.28
Equity Value (M)83,686.2187,891.0292,263.78
Shares Outstanding (M)1,020.471,020.471,020.47
Fair Value$82.01$86.13$90.41
Upside / Downside407.79%433.30%459.83%

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