Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Etn. Fr. Colruyt NV (0N4Y.IL)

Company Dividend Discount ModelIndustry: Grocery StoresSector: Consumer Defensive

Valuation Snapshot

Stable Growth$88.09 - $129.59$108.02
Multi-Stage$117.69 - $128.92$123.20
Blended Fair Value$115.61
Current Price$38.00
Upside204.24%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-1.04%1.24%1.371.811.121.561.461.441.361.371.321.20
YoY Growth---24.46%61.90%-28.40%6.72%1.55%6.31%-0.76%3.51%9.92%-0.66%
Dividend Yield--3.60%4.31%4.15%4.16%2.88%2.92%2.08%3.04%2.87%2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,388.20
(-) Cash Dividends Paid (M)397.60
(=) Cash Retained (M)990.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)277.64173.53104.12
Cash Retained (M)990.60990.60990.60
(-) Cash Required (M)-277.64-173.53-104.12
(=) Excess Retained (M)712.96817.08886.49
(/) Shares Outstanding (M)125.15125.15125.15
(=) Excess Retained per Share5.706.537.08
LTM Dividend per Share3.183.183.18
(+) Excess Retained per Share5.706.537.08
(=) Adjusted Dividend8.879.7110.26
WACC / Discount Rate10.17%10.17%10.17%
Growth Rate0.09%1.09%2.09%
Fair Value$88.09$108.02$129.59
Upside / Downside131.80%184.26%241.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,388.201,403.301,418.561,433.991,449.591,465.361,509.32
Payout Ratio28.64%40.91%53.18%65.46%77.73%90.00%92.50%
Projected Dividends (M)397.60574.13754.46938.641,126.741,318.821,396.12

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.17%10.17%10.17%
Growth Rate0.09%1.09%2.09%
Year 1 PV (M)515.98521.13526.29
Year 2 PV (M)609.36621.60633.95
Year 3 PV (M)681.33701.95722.99
Year 4 PV (M)735.02764.83795.55
Year 5 PV (M)773.17812.58853.57
PV of Terminal Value (M)11,415.0311,996.7912,602.03
Equity Value (M)14,729.8815,418.8816,134.39
Shares Outstanding (M)125.15125.15125.15
Fair Value$117.69$123.20$128.92
Upside / Downside209.72%224.21%239.25%

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