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Lagardere S.A. (MMB.PA)

Company Dividend Discount ModelIndustry: Travel ServicesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$23.63 - $39.25$30.53
Multi-Stage$43.77 - $48.05$45.87
Blended Fair Value$38.20
Current Price$21.60
Upside76.85%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-11.76%-20.78%0.651.280.490.000.001.211.201.191.181.17
YoY Growth---49.73%161.43%0.00%0.00%-100.00%0.58%0.59%1.19%0.60%-82.33%
Dividend Yield--3.18%6.95%2.45%0.00%0.00%6.21%5.45%4.46%4.47%4.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)291.00
(-) Cash Dividends Paid (M)187.00
(=) Cash Retained (M)104.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58.2036.3821.83
Cash Retained (M)104.00104.00104.00
(-) Cash Required (M)-58.20-36.38-21.83
(=) Excess Retained (M)45.8067.6382.18
(/) Shares Outstanding (M)142.49142.49142.49
(=) Excess Retained per Share0.320.470.58
LTM Dividend per Share1.311.311.31
(+) Excess Retained per Share0.320.470.58
(=) Adjusted Dividend1.631.791.89
WACC / Discount Rate6.75%6.75%6.75%
Growth Rate-0.15%0.85%1.85%
Fair Value$23.63$30.53$39.25
Upside / Downside9.42%41.35%81.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)291.00293.47295.96298.47301.00303.55312.66
Payout Ratio64.26%69.41%74.56%79.70%84.85%90.00%92.50%
Projected Dividends (M)187.00203.69220.66237.89255.41273.20289.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.75%6.75%6.75%
Growth Rate-0.15%0.85%1.85%
Year 1 PV (M)188.92190.81192.70
Year 2 PV (M)189.81193.63197.49
Year 3 PV (M)189.80195.56201.43
Year 4 PV (M)188.99196.67204.59
Year 5 PV (M)187.49197.07207.04
PV of Terminal Value (M)5,291.945,562.305,843.60
Equity Value (M)6,236.956,536.056,846.86
Shares Outstanding (M)142.49142.49142.49
Fair Value$43.77$45.87$48.05
Upside / Downside102.64%112.36%122.46%

High-Yield Dividend Screener

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