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$2.96 - $4.74$3.77
Multi-Stage$8.15 - $8.97$8.55
Blended Fair Value$6.16
Current Price$2.78
Upside121.62%
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 Rate5.64%5.64%5.64%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.96$3.77$4.74
Upside / Downside6.59%35.51%70.36%

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 Rate5.64%5.64%5.64%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)42.7343.1743.60
Year 2 PV (M)40.6441.4842.32
Year 3 PV (M)38.6439.8341.05
Year 4 PV (M)36.7138.2339.80
Year 5 PV (M)34.8536.6738.56
PV of Terminal Value (M)1,397.691,470.471,546.25
Equity Value (M)1,591.261,669.841,751.58
Shares Outstanding (M)195.19195.19195.19
Fair Value$8.15$8.55$8.97
Upside / Downside193.24%207.73%222.79%

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