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Ă–koworld AG (VVV3.DE)

Company Dividend Discount ModelIndustry: Insurance - BrokersSector: Financial Services

Valuation Snapshot

Stable Growth$262.63 - $1,320.66$545.68
Multi-Stage$142.35 - $155.77$148.94
Blended Fair Value$347.31
Current Price$31.90
Upside988.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS40.68%0.00%2.252.252.251.120.620.410.600.540.480.43
YoY Growth---0.07%0.00%100.52%79.55%53.14%-31.71%10.81%12.09%12.82%0.00%
Dividend Yield--7.94%7.00%6.20%1.17%1.63%2.53%3.77%3.85%4.41%3.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)45.61
(-) Cash Dividends Paid (M)7.72
(=) Cash Retained (M)37.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.125.703.42
Cash Retained (M)37.8937.8937.89
(-) Cash Required (M)-9.12-5.70-3.42
(=) Excess Retained (M)28.7732.1934.47
(/) Shares Outstanding (M)6.876.876.87
(=) Excess Retained per Share4.194.695.02
LTM Dividend per Share1.121.121.12
(+) Excess Retained per Share4.194.695.02
(=) Adjusted Dividend5.315.816.14
WACC / Discount Rate7.63%7.63%7.63%
Growth Rate5.50%6.50%7.50%
Fair Value$262.63$545.68$1,320.66
Upside / Downside723.30%1,610.58%4,040.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)45.6148.5751.7355.0958.6862.4964.36
Payout Ratio16.92%31.54%46.15%60.77%75.38%90.00%92.50%
Projected Dividends (M)7.7215.3223.8833.4844.2356.2459.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.63%7.63%7.63%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)14.1014.2314.37
Year 2 PV (M)20.2220.6121.00
Year 3 PV (M)26.1026.8527.61
Year 4 PV (M)31.7432.9634.21
Year 5 PV (M)37.1438.9340.79
PV of Terminal Value (M)848.37889.35931.90
Equity Value (M)977.671,022.931,069.88
Shares Outstanding (M)6.876.876.87
Fair Value$142.35$148.94$155.77
Upside / Downside346.23%366.89%388.31%

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