Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

TCM Group A/S (TCM.CO)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$46.00 - $66.44$55.95
Multi-Stage$77.46 - $84.99$81.15
Blended Fair Value$68.55
Current Price$73.60
Upside-6.86%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.005.2012.440.004.540.000.000.000.00
YoY Growth--0.00%-100.00%-58.15%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%7.77%9.87%0.00%4.95%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)67.00
(-) Cash Dividends Paid (M)31.00
(=) Cash Retained (M)36.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.408.385.03
Cash Retained (M)36.0036.0036.00
(-) Cash Required (M)-13.40-8.38-5.03
(=) Excess Retained (M)22.6027.6330.98
(/) Shares Outstanding (M)10.4510.4510.45
(=) Excess Retained per Share2.162.642.96
LTM Dividend per Share2.972.972.97
(+) Excess Retained per Share2.162.642.96
(=) Adjusted Dividend5.135.615.93
WACC / Discount Rate8.92%8.92%8.92%
Growth Rate-2.00%-1.00%0.00%
Fair Value$46.00$55.95$66.44
Upside / Downside-37.50%-23.98%-9.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)67.0066.3365.6765.0164.3663.7265.63
Payout Ratio46.27%55.01%63.76%72.51%81.25%90.00%92.50%
Projected Dividends (M)31.0036.4941.8747.1452.2957.3460.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.92%8.92%8.92%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)33.1633.5033.84
Year 2 PV (M)34.5835.2936.01
Year 3 PV (M)35.3836.4837.59
Year 4 PV (M)35.6737.1538.68
Year 5 PV (M)35.5537.4039.33
PV of Terminal Value (M)635.44668.53702.98
Equity Value (M)809.79848.35888.43
Shares Outstanding (M)10.4510.4510.45
Fair Value$77.46$81.15$84.99
Upside / Downside5.25%10.26%15.47%

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