Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Esprinet S.p.A. (0NFS.L)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$3.69 - $5.62$4.60
Multi-Stage$6.75 - $7.39$7.07
Blended Fair Value$5.83
Current Price$5.88
Upside-0.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.550.500.540.000.140.140.140.150.13
YoY Growth---100.00%8.74%-6.14%0.00%-100.00%-0.97%0.00%-10.01%21.26%40.45%
Dividend Yield--0.00%10.39%5.46%5.57%0.00%4.23%4.27%3.16%1.92%1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)21.09
(-) Cash Dividends Paid (M)19.76
(=) Cash Retained (M)1.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.222.641.58
Cash Retained (M)1.321.321.32
(-) Cash Required (M)-4.22-2.64-1.58
(=) Excess Retained (M)-2.89-1.31-0.26
(/) Shares Outstanding (M)50.7850.7850.78
(=) Excess Retained per Share-0.06-0.03-0.01
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share-0.06-0.03-0.01
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate7.88%7.88%7.88%
Growth Rate-1.02%-0.02%0.98%
Fair Value$3.69$4.60$5.62
Upside / Downside-37.19%-21.82%-4.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)21.0921.0821.0821.0721.0721.0621.69
Payout Ratio93.72%92.98%92.23%91.49%90.74%90.00%92.50%
Projected Dividends (M)19.7619.6019.4419.2819.1218.9520.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.88%7.88%7.88%
Growth Rate-1.02%-0.02%0.98%
Year 1 PV (M)17.9918.1718.35
Year 2 PV (M)16.3716.7017.04
Year 3 PV (M)14.9015.3615.82
Year 4 PV (M)13.5614.1214.69
Year 5 PV (M)12.3412.9713.64
PV of Terminal Value (M)267.82281.63296.00
Equity Value (M)342.98358.95375.53
Shares Outstanding (M)50.7850.7850.78
Fair Value$6.75$7.07$7.39
Upside / Downside14.86%20.21%25.76%

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