Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CPH Chemie + Papier Holding AG (CPHN.SW)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$69.39 - $111.84$88.53
Multi-Stage$313.83 - $346.39$329.78
Blended Fair Value$209.16
Current Price$74.00
Upside182.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.32%19.93%4.004.501.301.800.001.800.650.650.600.65
YoY Growth---11.11%246.15%-27.76%67,387.50%-99.85%176.94%0.00%8.37%-7.70%-0.05%
Dividend Yield--5.45%5.29%1.67%2.95%0.00%2.27%0.78%1.21%1.50%2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)40.07
(-) Cash Dividends Paid (M)36.00
(=) Cash Retained (M)4.07
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.015.013.01
Cash Retained (M)4.074.074.07
(-) Cash Required (M)-8.01-5.01-3.01
(=) Excess Retained (M)-3.94-0.941.06
(/) Shares Outstanding (M)6.006.006.00
(=) Excess Retained per Share-0.66-0.160.18
LTM Dividend per Share6.006.006.00
(+) Excess Retained per Share-0.66-0.160.18
(=) Adjusted Dividend5.345.846.17
WACC / Discount Rate4.52%4.52%4.52%
Growth Rate-2.95%-1.95%-0.95%
Fair Value$69.39$88.53$111.84
Upside / Downside-6.23%19.64%51.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)40.0739.2938.5237.7737.0336.3137.40
Payout Ratio89.84%89.87%89.91%89.94%89.97%90.00%92.50%
Projected Dividends (M)36.0035.3134.6333.9733.3232.6834.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.52%4.52%4.52%
Growth Rate-2.95%-1.95%-0.95%
Year 1 PV (M)33.4433.7834.13
Year 2 PV (M)31.0631.7032.35
Year 3 PV (M)28.8529.7530.67
Year 4 PV (M)26.8027.9229.08
Year 5 PV (M)24.8926.2027.57
PV of Terminal Value (M)1,739.221,830.701,925.98
Equity Value (M)1,884.271,980.062,079.78
Shares Outstanding (M)6.006.006.00
Fair Value$313.83$329.78$346.39
Upside / Downside324.09%345.65%368.10%

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