Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Henkel AG & Co. KGaA (HEN.DE)

Company Dividend Discount ModelIndustry: Household & Personal ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$75.24 - $111.62$92.61
Multi-Stage$113.32 - $124.20$118.66
Blended Fair Value$105.63
Current Price$66.66
Upside58.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.69%3.92%1.841.841.901.901.901.901.841.661.511.35
YoY Growth--0.00%-3.02%-0.38%0.00%0.00%3.37%10.60%10.27%12.23%7.43%
Dividend Yield--2.17%2.51%2.92%2.68%2.06%2.06%1.92%1.53%1.33%1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,871.00
(-) Cash Dividends Paid (M)1,621.00
(=) Cash Retained (M)2,250.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)774.20483.88290.33
Cash Retained (M)2,250.002,250.002,250.00
(-) Cash Required (M)-774.20-483.88-290.33
(=) Excess Retained (M)1,475.801,766.131,959.68
(/) Shares Outstanding (M)419.27419.27419.27
(=) Excess Retained per Share3.524.214.67
LTM Dividend per Share3.873.873.87
(+) Excess Retained per Share3.524.214.67
(=) Adjusted Dividend7.398.088.54
WACC / Discount Rate9.18%9.18%9.18%
Growth Rate-0.58%0.42%1.42%
Fair Value$75.24$92.61$111.62
Upside / Downside12.87%38.93%67.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,871.003,887.363,903.793,920.283,936.853,953.494,072.09
Payout Ratio41.88%51.50%61.13%70.75%80.38%90.00%92.50%
Projected Dividends (M)1,621.002,002.002,386.202,773.613,164.253,558.143,766.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.18%9.18%9.18%
Growth Rate-0.58%0.42%1.42%
Year 1 PV (M)1,815.371,833.631,851.88
Year 2 PV (M)1,962.032,001.702,041.76
Year 3 PV (M)2,067.962,130.992,195.29
Year 4 PV (M)2,139.282,226.652,316.68
Year 5 PV (M)2,181.322,293.242,409.72
PV of Terminal Value (M)37,347.7239,264.1241,258.38
Equity Value (M)47,513.6749,750.3252,073.71
Shares Outstanding (M)419.27419.27419.27
Fair Value$113.32$118.66$124.20
Upside / Downside70.00%78.01%86.32%

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