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Vantage Towers AG (VTWR.DE)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$16.90 - $26.15$21.19
Multi-Stage$39.33 - $43.24$41.25
Blended Fair Value$31.22
Current Price$33.82
Upside-7.69%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202320222021
DPS0.00%0.00%0.700.620.620.000.000.000.000.000.000.00
YoY Growth--12.46%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.06%1.93%2.58%0.00%0.00%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)830.00
(-) Cash Dividends Paid (M)601.90
(=) Cash Retained (M)228.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)166.00103.7562.25
Cash Retained (M)228.10228.10228.10
(-) Cash Required (M)-166.00-103.75-62.25
(=) Excess Retained (M)62.10124.35165.85
(/) Shares Outstanding (M)457.00457.00457.00
(=) Excess Retained per Share0.140.270.36
LTM Dividend per Share1.321.321.32
(+) Excess Retained per Share0.140.270.36
(=) Adjusted Dividend1.451.591.68
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate-2.00%-1.00%0.00%
Fair Value$16.90$21.19$26.15
Upside / Downside-50.03%-37.35%-22.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)830.00821.70813.48805.35797.29789.32813.00
Payout Ratio72.52%76.01%79.51%83.01%86.50%90.00%92.50%
Projected Dividends (M)601.90624.61646.81668.50689.69710.39752.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)580.97586.90592.83
Year 2 PV (M)559.58571.06582.66
Year 3 PV (M)537.94554.58571.55
Year 4 PV (M)516.22537.61559.67
Year 5 PV (M)494.56520.32547.13
PV of Terminal Value (M)15,284.0016,079.8816,908.57
Equity Value (M)17,973.2818,850.3519,762.40
Shares Outstanding (M)457.00457.00457.00
Fair Value$39.33$41.25$43.24
Upside / Downside16.29%21.96%27.86%

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