Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Amundi S.A. (AMUN.PA)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$212.84 - $419.05$294.05
Multi-Stage$186.21 - $203.45$194.67
Blended Fair Value$244.36
Current Price$68.70
Upside255.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.79%13.98%4.164.134.142.910.003.142.662.211.721.14
YoY Growth--0.59%-0.07%41.92%0.00%-100.00%18.16%20.38%28.03%51.60%1.16%
Dividend Yield--6.48%6.71%7.80%4.02%0.00%4.49%5.75%3.12%3.57%2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,550.61
(-) Cash Dividends Paid (M)830.55
(=) Cash Retained (M)1,720.06
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)510.12318.83191.30
Cash Retained (M)1,720.061,720.061,720.06
(-) Cash Required (M)-510.12-318.83-191.30
(=) Excess Retained (M)1,209.931,401.231,528.76
(/) Shares Outstanding (M)200.94200.94200.94
(=) Excess Retained per Share6.026.977.61
LTM Dividend per Share4.134.134.13
(+) Excess Retained per Share6.026.977.61
(=) Adjusted Dividend10.1511.1111.74
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate4.42%5.42%6.42%
Fair Value$212.84$294.05$419.05
Upside / Downside209.82%328.03%509.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,550.612,688.752,834.382,987.893,149.723,320.323,419.93
Payout Ratio32.56%44.05%55.54%67.03%78.51%90.00%92.50%
Projected Dividends (M)830.551,184.411,574.152,002.642,472.932,988.283,163.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate4.42%5.42%6.42%
Year 1 PV (M)1,072.391,082.661,092.93
Year 2 PV (M)1,290.481,315.311,340.39
Year 3 PV (M)1,486.481,529.601,573.54
Year 4 PV (M)1,661.951,726.541,792.99
Year 5 PV (M)1,818.371,907.121,999.31
PV of Terminal Value (M)30,087.4431,556.0533,081.45
Equity Value (M)37,417.1039,117.2840,880.61
Shares Outstanding (M)200.94200.94200.94
Fair Value$186.21$194.67$203.45
Upside / Downside171.05%183.37%196.14%

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