Definitive Analysis
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Corbion N.V. (CRBN.AS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$71.54 - $297.72$123.13
Multi-Stage$66.01 - $72.30$69.10
Blended Fair Value$96.11
Current Price$18.23
Upside427.23%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.96%22.29%0.710.560.560.560.560.560.561.030.890.99
YoY Growth--26.59%0.30%0.00%0.00%0.30%0.00%-45.62%15.24%-10.10%942.86%
Dividend Yield--3.30%2.90%1.76%1.35%1.22%1.99%2.29%3.84%3.51%4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)141.60
(-) Cash Dividends Paid (M)79.10
(=) Cash Retained (M)62.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)28.3217.7010.62
Cash Retained (M)62.5062.5062.50
(-) Cash Required (M)-28.32-17.70-10.62
(=) Excess Retained (M)34.1844.8051.88
(/) Shares Outstanding (M)58.8558.8558.85
(=) Excess Retained per Share0.580.760.88
LTM Dividend per Share1.341.341.34
(+) Excess Retained per Share0.580.760.88
(=) Adjusted Dividend1.922.112.23
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate3.70%4.70%5.70%
Fair Value$71.54$123.13$297.72
Upside / Downside292.44%575.44%1,533.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)141.60148.25155.22162.51170.14178.13183.48
Payout Ratio55.86%62.69%69.52%76.34%83.17%90.00%92.50%
Projected Dividends (M)79.1092.94107.90124.07141.51160.32169.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate3.70%4.70%5.70%
Year 1 PV (M)86.4487.2888.11
Year 2 PV (M)93.3595.1596.98
Year 3 PV (M)99.83102.74105.72
Year 4 PV (M)105.91110.05114.32
Year 5 PV (M)111.60117.08122.78
PV of Terminal Value (M)3,387.353,553.863,726.85
Equity Value (M)3,884.464,066.164,254.75
Shares Outstanding (M)58.8558.8558.85
Fair Value$66.01$69.10$72.30
Upside / Downside262.09%279.02%296.60%

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