Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Havas S.A. (HAVAS.AS)

Company Dividend Discount ModelIndustry: Advertising AgenciesSector: Communication Services

Valuation Snapshot

Stable Growth$21.87 - $31.58$26.60
Multi-Stage$38.96 - $42.62$40.76
Blended Fair Value$33.68
Current Price$14.60
Upside130.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%2.060.750.680.290.000.000.000.000.000.00
YoY Growth--176.47%10.39%133.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--12.72%4.10%0.00%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)348.00
(-) Cash Dividends Paid (M)314.00
(=) Cash Retained (M)34.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)69.6043.5026.10
Cash Retained (M)34.0034.0034.00
(-) Cash Required (M)-69.60-43.50-26.10
(=) Excess Retained (M)-35.60-9.507.90
(/) Shares Outstanding (M)114.02114.02114.02
(=) Excess Retained per Share-0.31-0.080.07
LTM Dividend per Share2.752.752.75
(+) Excess Retained per Share-0.31-0.080.07
(=) Adjusted Dividend2.442.672.82
WACC / Discount Rate8.94%8.94%8.94%
Growth Rate-2.00%-1.00%0.00%
Fair Value$21.87$26.60$31.58
Upside / Downside49.82%82.19%116.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)348.00344.52341.07337.66334.29330.94340.87
Payout Ratio90.23%90.18%90.14%90.09%90.05%90.00%92.50%
Projected Dividends (M)314.00310.70307.44304.21301.01297.85315.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.94%8.94%8.94%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)282.32285.21288.09
Year 2 PV (M)253.84259.05264.31
Year 3 PV (M)228.24235.29242.50
Year 4 PV (M)205.21213.72222.48
Year 5 PV (M)184.51194.12204.12
PV of Terminal Value (M)3,288.443,459.683,637.97
Equity Value (M)4,442.574,647.064,859.47
Shares Outstanding (M)114.02114.02114.02
Fair Value$38.96$40.76$42.62
Upside / Downside166.87%179.16%191.92%

High-Yield Dividend Screener

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