Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fourlis Holdings S.A. (FOYRK.AT)

Company Dividend Discount ModelIndustry: Specialty RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$5.19 - $7.96$6.48
Multi-Stage$11.55 - $12.70$12.11
Blended Fair Value$9.30
Current Price$3.92
Upside137.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.180.130.120.000.000.000.001.271.580.00
YoY Growth--44.90%7.12%0.00%0.00%0.00%0.00%-100.00%-19.57%0.00%0.00%
Dividend Yield--4.91%3.14%3.61%0.00%0.00%0.00%0.00%22.33%38.66%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)29.30
(-) Cash Dividends Paid (M)19.28
(=) Cash Retained (M)10.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.863.662.20
Cash Retained (M)10.0210.0210.02
(-) Cash Required (M)-5.86-3.66-2.20
(=) Excess Retained (M)4.166.367.82
(/) Shares Outstanding (M)51.1751.1751.17
(=) Excess Retained per Share0.080.120.15
LTM Dividend per Share0.380.380.38
(+) Excess Retained per Share0.080.120.15
(=) Adjusted Dividend0.460.500.53
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.19$6.48$7.96
Upside / Downside32.29%65.26%102.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)29.3029.0128.7228.4328.1527.8628.70
Payout Ratio65.80%70.64%75.48%80.32%85.16%90.00%92.50%
Projected Dividends (M)19.2820.4921.6822.8423.9725.0826.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)19.0219.2119.41
Year 2 PV (M)18.6719.0519.44
Year 3 PV (M)18.2618.8219.40
Year 4 PV (M)17.7918.5219.28
Year 5 PV (M)17.2718.1719.11
PV of Terminal Value (M)499.95525.99553.09
Equity Value (M)590.95619.77649.73
Shares Outstanding (M)51.1751.1751.17
Fair Value$11.55$12.11$12.70
Upside / Downside194.62%208.98%223.92%

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