Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sparebanken Vest (0G67.L)

Company Dividend Discount ModelIndustry: BanksSector: Financial Services

Valuation Snapshot

Stable Growth$570.98 - $1,210.87$810.55
Multi-Stage$443.60 - $483.04$462.97
Blended Fair Value$636.76
Current Price$137.60
Upside362.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS50.00%35.51%24.3717.629.378.288.123.213.413.281.091.69
YoY Growth--38.35%87.94%13.22%2.02%152.84%-5.88%3.89%202.52%-35.68%44.53%
Dividend Yield--17.71%14.86%10.19%8.04%10.36%6.52%6.69%6.44%2.09%4.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,338.63
(-) Cash Dividends Paid (M)2,187.00
(=) Cash Retained (M)1,151.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)667.73417.33250.40
Cash Retained (M)1,151.631,151.631,151.63
(-) Cash Required (M)-667.73-417.33-250.40
(=) Excess Retained (M)483.91734.30901.24
(/) Shares Outstanding (M)109.67109.67109.67
(=) Excess Retained per Share4.416.708.22
LTM Dividend per Share19.9419.9419.94
(+) Excess Retained per Share4.416.708.22
(=) Adjusted Dividend24.3526.6428.16
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Fair Value$570.98$810.55$1,210.87
Upside / Downside314.95%489.06%780.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,338.633,555.653,786.764,032.904,295.044,574.224,711.44
Payout Ratio65.51%70.40%75.30%80.20%85.10%90.00%92.50%
Projected Dividends (M)2,187.002,503.342,851.563,234.483,655.134,116.804,358.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,254.402,275.762,297.13
Year 2 PV (M)2,312.622,356.662,401.13
Year 3 PV (M)2,362.302,430.112,499.21
Year 4 PV (M)2,404.052,496.502,591.60
Year 5 PV (M)2,438.432,556.212,678.49
PV of Terminal Value (M)36,876.4138,657.5540,506.86
Equity Value (M)48,648.2050,772.8052,974.43
Shares Outstanding (M)109.67109.67109.67
Fair Value$443.60$462.97$483.04
Upside / Downside222.38%236.46%251.05%

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