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SpareBank 1 Ostlandet (0RU6.L)

Company Dividend Discount ModelIndustry: BanksSector: Financial Services

Valuation Snapshot

Stable Growth$2,147.19 - $5,369.62$5,032.12
Multi-Stage$785.80 - $859.54$821.99
Blended Fair Value$2,927.05
Current Price$194.64
Upside1,403.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.07%0.00%9.848.727.676.025.675.334.830.000.000.00
YoY Growth--12.88%13.76%27.28%6.20%6.46%10.28%0.00%0.00%0.00%0.00%
Dividend Yield--5.99%6.90%6.74%4.30%5.09%7.10%5.85%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,533.00
(-) Cash Dividends Paid (M)1,899.00
(=) Cash Retained (M)1,634.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)706.60441.63264.98
Cash Retained (M)1,634.001,634.001,634.00
(-) Cash Required (M)-706.60-441.63-264.98
(=) Excess Retained (M)927.401,192.381,369.03
(/) Shares Outstanding (M)130.85130.85130.85
(=) Excess Retained per Share7.099.1110.46
LTM Dividend per Share14.5114.5114.51
(+) Excess Retained per Share7.099.1110.46
(=) Adjusted Dividend21.6023.6224.97
WACC / Discount Rate6.56%6.56%6.56%
Growth Rate5.50%6.50%7.50%
Fair Value$2,147.19$5,032.12$5,369.62
Upside / Downside1,003.16%2,485.35%2,658.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,533.003,762.654,007.224,267.694,545.094,840.524,985.73
Payout Ratio53.75%61.00%68.25%75.50%82.75%90.00%92.50%
Projected Dividends (M)1,899.002,295.222,734.933,222.113,761.064,356.464,611.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.56%6.56%6.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,133.682,153.902,174.12
Year 2 PV (M)2,363.492,408.512,453.95
Year 3 PV (M)2,588.512,662.822,738.54
Year 4 PV (M)2,808.822,916.843,027.94
Year 5 PV (M)3,024.483,170.573,322.24
PV of Terminal Value (M)89,904.1994,246.5998,755.19
Equity Value (M)102,823.17107,559.23112,471.99
Shares Outstanding (M)130.85130.85130.85
Fair Value$785.80$821.99$859.54
Upside / Downside303.72%322.31%341.60%

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