Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Alstom S.A. (AOMD.DE)

Company Dividend Discount ModelIndustry: RailroadsSector: Industrials

Valuation Snapshot

Stable Growth$8.72 - $27.32$25.61
Multi-Stage$3.72 - $4.07$3.89
Blended Fair Value$14.75
Current Price$22.13
Upside-33.35%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-54.52%9.15%0.050.140.100.100.012.780.190.140.020.03
YoY Growth---60.66%41.86%-4.44%650.00%-99.51%1,369.05%40.00%445.45%-8.33%20.00%
Dividend Yield--0.27%1.03%0.41%0.50%0.03%9.01%0.56%0.40%0.11%0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)61.00
(-) Cash Dividends Paid (M)36.00
(=) Cash Retained (M)25.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.207.634.58
Cash Retained (M)25.0025.0025.00
(-) Cash Required (M)-12.20-7.63-4.58
(=) Excess Retained (M)12.8017.3820.43
(/) Shares Outstanding (M)444.00444.00444.00
(=) Excess Retained per Share0.030.040.05
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.030.040.05
(=) Adjusted Dividend0.110.120.13
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate5.50%6.50%7.50%
Fair Value$8.72$25.61$27.32
Upside / Downside-60.62%15.71%23.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)61.0064.9769.1973.6878.4783.5886.08
Payout Ratio59.02%65.21%71.41%77.61%83.80%90.00%92.50%
Projected Dividends (M)36.0042.3749.4157.1865.7675.2279.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)39.2839.6640.03
Year 2 PV (M)42.4843.2944.11
Year 3 PV (M)45.5946.9048.24
Year 4 PV (M)48.6250.4952.41
Year 5 PV (M)51.5754.0656.64
PV of Terminal Value (M)1,425.091,493.921,565.39
Equity Value (M)1,652.631,728.321,806.82
Shares Outstanding (M)444.00444.00444.00
Fair Value$3.72$3.89$4.07
Upside / Downside-83.18%-82.41%-81.61%

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