Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Securitas AB (publ) (S7MB.BE)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$624.50 - $1,937.66$1,815.87
Multi-Stage$258.11 - $282.58$270.12
Blended Fair Value$1,043.00
Current Price$143.17
Upside628.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.27%7.11%3.803.452.802.553.062.802.552.392.231.91
YoY Growth--10.12%23.25%9.86%-16.67%9.09%10.00%6.65%7.15%16.66%0.00%
Dividend Yield--2.68%3.07%3.02%2.76%2.48%3.22%2.01%2.05%1.95%1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,582.00
(-) Cash Dividends Paid (M)1,289.00
(=) Cash Retained (M)4,293.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,116.40697.75418.65
Cash Retained (M)4,293.004,293.004,293.00
(-) Cash Required (M)-1,116.40-697.75-418.65
(=) Excess Retained (M)3,176.603,595.253,874.35
(/) Shares Outstanding (M)572.92572.92572.92
(=) Excess Retained per Share5.546.286.76
LTM Dividend per Share2.252.252.25
(+) Excess Retained per Share5.546.286.76
(=) Adjusted Dividend7.798.539.01
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate5.50%6.50%7.50%
Fair Value$624.50$1,815.87$1,937.66
Upside / Downside336.19%1,168.33%1,253.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,582.005,944.836,331.246,742.777,181.067,647.827,877.26
Payout Ratio23.09%36.47%49.86%63.24%76.62%90.00%92.50%
Projected Dividends (M)1,289.002,168.303,156.464,263.925,502.016,883.047,286.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,010.862,029.922,048.98
Year 2 PV (M)2,714.732,766.442,818.63
Year 3 PV (M)3,400.943,498.573,598.05
Year 4 PV (M)4,069.824,226.334,387.32
Year 5 PV (M)4,721.694,949.755,186.54
PV of Terminal Value (M)130,959.92137,285.34143,852.84
Equity Value (M)147,877.97154,756.35161,892.36
Shares Outstanding (M)572.92572.92572.92
Fair Value$258.11$270.12$282.58
Upside / Downside80.28%88.67%97.37%

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