Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SBO AG (SLL.DE)

Company Dividend Discount ModelIndustry: Oil & Gas Equipment & ServicesSector: Energy

Valuation Snapshot

Stable Growth$25.28 - $42.82$32.92
Multi-Stage$40.39 - $44.23$42.27
Blended Fair Value$37.60
Current Price$26.70
Upside40.82%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.59%2.78%2.002.000.750.001.201.010.510.000.511.52
YoY Growth--0.19%166.67%0.00%-100.00%18.21%99.94%0.00%-100.00%-66.65%0.04%
Dividend Yield--5.64%4.49%1.26%0.00%3.13%3.37%0.68%0.00%0.78%2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.52
(-) Cash Dividends Paid (M)27.58
(=) Cash Retained (M)4.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.504.062.44
Cash Retained (M)4.944.944.94
(-) Cash Required (M)-6.50-4.06-2.44
(=) Excess Retained (M)-1.570.872.50
(/) Shares Outstanding (M)15.7615.7615.76
(=) Excess Retained per Share-0.100.060.16
LTM Dividend per Share1.751.751.75
(+) Excess Retained per Share-0.100.060.16
(=) Adjusted Dividend1.651.811.91
WACC / Discount Rate7.36%7.36%7.36%
Growth Rate0.78%1.78%2.78%
Fair Value$25.28$32.92$42.82
Upside / Downside-5.33%23.31%60.37%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.5233.0933.6834.2834.8935.5136.58
Payout Ratio84.82%85.86%86.89%87.93%88.96%90.00%92.50%
Projected Dividends (M)27.5828.4129.2730.1431.0431.9633.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.36%7.36%7.36%
Growth Rate0.78%1.78%2.78%
Year 1 PV (M)26.2126.4726.73
Year 2 PV (M)24.9025.3925.89
Year 3 PV (M)23.6524.3625.08
Year 4 PV (M)22.4623.3724.30
Year 5 PV (M)21.3322.4123.53
PV of Terminal Value (M)517.99544.20571.47
Equity Value (M)636.53666.20697.00
Shares Outstanding (M)15.7615.7615.76
Fair Value$40.39$42.27$44.23
Upside / Downside51.27%58.32%65.65%

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