Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Skue Sparebank (SKUE.OL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$2,735.69 - $5,273.71$3,749.49
Multi-Stage$2,075.91 - $2,265.93$2,169.21
Blended Fair Value$2,959.35
Current Price$337.25
Upside777.49%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.36%18.50%15.5111.4110.045.488.708.295.800.004.503.71
YoY Growth--36.00%13.63%83.34%-37.08%5.00%42.86%0.00%-100.00%21.18%30.72%
Dividend Yield--4.92%4.87%4.40%2.36%5.12%6.09%4.23%0.00%4.51%4.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)382.25
(-) Cash Dividends Paid (M)74.60
(=) Cash Retained (M)307.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)76.4547.7828.67
Cash Retained (M)307.65307.65307.65
(-) Cash Required (M)-76.45-47.78-28.67
(=) Excess Retained (M)231.20259.87278.98
(/) Shares Outstanding (M)2.292.292.29
(=) Excess Retained per Share100.84113.34121.68
LTM Dividend per Share32.5432.5432.54
(+) Excess Retained per Share100.84113.34121.68
(=) Adjusted Dividend133.38145.88154.22
WACC / Discount Rate10.64%10.64%10.64%
Growth Rate5.50%6.50%7.50%
Fair Value$2,735.69$3,749.49$5,273.71
Upside / Downside711.17%1,011.78%1,463.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)382.25407.09433.55461.74491.75523.71539.42
Payout Ratio19.52%33.61%47.71%61.81%75.90%90.00%92.50%
Projected Dividends (M)74.60136.83206.84285.38373.25471.34498.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.64%10.64%10.64%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)122.51123.67124.83
Year 2 PV (M)165.81168.96172.15
Year 3 PV (M)204.81210.69216.68
Year 4 PV (M)239.83249.06258.54
Year 5 PV (M)271.16284.25297.85
PV of Terminal Value (M)3,755.423,936.814,125.14
Equity Value (M)4,759.534,973.445,195.20
Shares Outstanding (M)2.292.292.29
Fair Value$2,075.91$2,169.21$2,265.93
Upside / Downside515.54%543.20%571.88%

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