Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Vaudoise Assurances Holding S.A. (0QN7.L)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$922.08 - $1,404.54$1,148.20
Multi-Stage$1,226.57 - $1,342.25$1,283.33
Blended Fair Value$1,215.76
Current Price$610.00
Upside99.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.79%3.37%19.6920.5718.0619.0217.0517.1514.7215.4913.4315.15
YoY Growth---4.29%13.92%-5.10%11.61%-0.62%16.53%-5.01%15.42%-11.38%7.18%
Dividend Yield--3.98%4.67%4.27%4.28%3.59%3.00%3.03%2.93%2.79%2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)293.56
(-) Cash Dividends Paid (M)123.44
(=) Cash Retained (M)170.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58.7136.6922.02
Cash Retained (M)170.11170.11170.11
(-) Cash Required (M)-58.71-36.69-22.02
(=) Excess Retained (M)111.40133.42148.10
(/) Shares Outstanding (M)2.902.902.90
(=) Excess Retained per Share38.4346.0251.09
LTM Dividend per Share42.5842.5842.58
(+) Excess Retained per Share38.4346.0251.09
(=) Adjusted Dividend81.0188.6093.67
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate0.79%1.79%2.79%
Fair Value$922.08$1,148.20$1,404.54
Upside / Downside51.16%88.23%130.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)293.56298.82304.18309.64315.19320.84330.47
Payout Ratio42.05%51.64%61.23%70.82%80.41%90.00%92.50%
Projected Dividends (M)123.44154.31186.25219.29253.44288.76305.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate0.79%1.79%2.79%
Year 1 PV (M)139.35140.74142.12
Year 2 PV (M)151.89154.92157.97
Year 3 PV (M)161.49166.34171.29
Year 4 PV (M)168.55175.34182.33
Year 5 PV (M)173.41182.19191.31
PV of Terminal Value (M)2,761.122,900.833,046.14
Equity Value (M)3,555.803,720.343,891.17
Shares Outstanding (M)2.902.902.90
Fair Value$1,226.57$1,283.33$1,342.25
Upside / Downside101.08%110.38%120.04%

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