Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ASR Nederland N.V. (ASRNL.AS)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$368.27 - $1,576.81$904.25
Multi-Stage$192.01 - $209.68$200.69
Blended Fair Value$552.47
Current Price$56.38
Upside879.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS19.96%20.25%2.892.231.601.321.261.161.480.860.790.64
YoY Growth--29.34%39.48%21.75%4.78%7.94%-21.50%71.66%10.00%22.30%40.40%
Dividend Yield--6.31%5.14%3.61%3.25%3.82%3.49%4.29%2.51%3.47%3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,717.00
(-) Cash Dividends Paid (M)1,259.00
(=) Cash Retained (M)458.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)343.40214.63128.78
Cash Retained (M)458.00458.00458.00
(-) Cash Required (M)-343.40-214.63-128.78
(=) Excess Retained (M)114.60243.38329.23
(/) Shares Outstanding (M)216.56216.56216.56
(=) Excess Retained per Share0.531.121.52
LTM Dividend per Share5.815.815.81
(+) Excess Retained per Share0.531.121.52
(=) Adjusted Dividend6.346.947.33
WACC / Discount Rate7.32%7.32%7.32%
Growth Rate5.50%6.50%7.50%
Fair Value$368.27$904.25$1,576.81
Upside / Downside553.19%1,503.85%2,696.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,717.001,828.611,947.462,074.052,208.862,352.442,423.01
Payout Ratio73.33%76.66%80.00%83.33%86.67%90.00%92.50%
Projected Dividends (M)1,259.001,401.821,557.881,728.311,914.312,117.192,241.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.32%7.32%7.32%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,293.971,306.241,318.50
Year 2 PV (M)1,327.401,352.681,378.21
Year 3 PV (M)1,359.331,398.351,438.11
Year 4 PV (M)1,389.791,443.241,498.21
Year 5 PV (M)1,418.831,487.361,558.51
PV of Terminal Value (M)34,791.7636,472.2238,216.99
Equity Value (M)41,581.0843,460.0945,408.53
Shares Outstanding (M)216.56216.56216.56
Fair Value$192.01$200.69$209.68
Upside / Downside240.56%255.95%271.91%

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