Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

CEWE Stiftung & Co. KGaA (CWC.DE)

Company Dividend Discount ModelIndustry: Personal Products & ServicesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$94.96 - $157.61$122.64
Multi-Stage$107.05 - $116.90$111.89
Blended Fair Value$117.27
Current Price$98.10
Upside19.54%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.12%5.44%2.622.512.402.402.092.041.921.871.661.60
YoY Growth--4.24%4.47%-0.05%14.86%2.66%6.03%3.10%12.40%3.62%3.95%
Dividend Yield--2.54%2.46%2.53%2.63%1.74%2.55%2.40%2.34%2.02%2.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)55.09
(-) Cash Dividends Paid (M)29.33
(=) Cash Retained (M)25.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.026.894.13
Cash Retained (M)25.7625.7625.76
(-) Cash Required (M)-11.02-6.89-4.13
(=) Excess Retained (M)14.7418.8721.62
(/) Shares Outstanding (M)6.916.916.91
(=) Excess Retained per Share2.132.733.13
LTM Dividend per Share4.254.254.25
(+) Excess Retained per Share2.132.733.13
(=) Adjusted Dividend6.386.987.38
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate2.75%3.75%4.75%
Fair Value$94.96$122.64$157.61
Upside / Downside-3.20%25.02%60.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)55.0957.1559.2961.5163.8266.2168.19
Payout Ratio53.25%60.60%67.95%75.30%82.65%90.00%92.50%
Projected Dividends (M)29.3334.6340.2946.3252.7459.5963.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate2.75%3.75%4.75%
Year 1 PV (M)31.2831.5831.89
Year 2 PV (M)32.8733.5134.16
Year 3 PV (M)34.1335.1336.16
Year 4 PV (M)35.1036.4937.92
Year 5 PV (M)35.8237.6039.44
PV of Terminal Value (M)570.32598.62628.03
Equity Value (M)739.51772.93807.59
Shares Outstanding (M)6.916.916.91
Fair Value$107.05$111.89$116.90
Upside / Downside9.12%14.05%19.17%

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