Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Australian Clinical Labs Limited (ACL.AX)

Company Dividend Discount ModelIndustry: Medical - Diagnostics & ResearchSector: Healthcare

Valuation Snapshot

Stable Growth$3.01 - $4.84$3.84
Multi-Stage$8.55 - $9.41$8.97
Blended Fair Value$6.40
Current Price$2.78
Upside130.37%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020201920182017
DPS0.00%0.00%0.130.100.500.120.220.000.000.000.000.00
YoY Growth--25.05%-79.41%300.03%-42.34%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.60%4.07%14.43%2.70%6.33%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)56.36
(-) Cash Dividends Paid (M)44.90
(=) Cash Retained (M)11.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.277.054.23
Cash Retained (M)11.4711.4711.47
(-) Cash Required (M)-11.27-7.05-4.23
(=) Excess Retained (M)0.204.427.24
(/) Shares Outstanding (M)195.19195.19195.19
(=) Excess Retained per Share0.000.020.04
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share0.000.020.04
(=) Adjusted Dividend0.230.250.27
WACC / Discount Rate5.52%5.52%5.52%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.01$3.84$4.84
Upside / Downside8.33%38.06%74.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)56.3655.8055.2454.6954.1453.6055.21
Payout Ratio79.65%81.72%83.79%85.86%87.93%90.00%92.50%
Projected Dividends (M)44.9045.6046.2946.9647.6148.2451.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.52%5.52%5.52%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)42.7843.2243.65
Year 2 PV (M)40.7441.5742.42
Year 3 PV (M)38.7739.9741.19
Year 4 PV (M)36.8838.4039.98
Year 5 PV (M)35.0636.8838.78
PV of Terminal Value (M)1,474.211,550.981,630.91
Equity Value (M)1,668.431,751.031,836.94
Shares Outstanding (M)195.19195.19195.19
Fair Value$8.55$8.97$9.41
Upside / Downside207.47%222.69%238.52%

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