Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nova Ljubljanska Banka d.d. (NLB.IL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$280.95 - $988.13$926.02
Multi-Stage$128.07 - $140.04$133.95
Blended Fair Value$529.98
Current Price$30.00
Upside1,666.62%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.20%0.00%2.291.151.051.000.001.472.740.680.470.01
YoY Growth--99.29%9.72%4.06%0.00%-100.00%-46.21%305.46%44.70%4,675.33%0.00%
Dividend Yield--8.14%5.31%7.66%7.34%0.00%19.68%22.62%5.87%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)496.90
(-) Cash Dividends Paid (M)247.07
(=) Cash Retained (M)249.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)99.3862.1137.27
Cash Retained (M)249.83249.83249.83
(-) Cash Required (M)-99.38-62.11-37.27
(=) Excess Retained (M)150.45187.71212.56
(/) Shares Outstanding (M)100.01100.01100.01
(=) Excess Retained per Share1.501.882.13
LTM Dividend per Share2.472.472.47
(+) Excess Retained per Share1.501.882.13
(=) Adjusted Dividend3.974.354.60
WACC / Discount Rate6.99%6.99%6.99%
Growth Rate5.50%6.50%7.50%
Fair Value$280.95$926.02$988.13
Upside / Downside836.49%2,986.75%3,193.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)496.90529.20563.60600.23639.24680.79701.22
Payout Ratio49.72%57.78%65.83%73.89%81.94%90.00%92.50%
Projected Dividends (M)247.07305.76371.04443.50523.83612.72648.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.99%6.99%6.99%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)283.10285.78288.46
Year 2 PV (M)318.06324.12330.24
Year 3 PV (M)352.00362.11372.40
Year 4 PV (M)384.93399.73414.96
Year 5 PV (M)416.87437.01457.91
PV of Terminal Value (M)11,052.9911,586.8612,141.15
Equity Value (M)12,807.9613,395.6114,005.13
Shares Outstanding (M)100.01100.01100.01
Fair Value$128.07$133.95$140.04
Upside / Downside326.90%346.49%366.80%

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