Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

DHT Holdings, Inc. (DHT)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$31.74 - $94.70$50.25
Multi-Stage$21.95 - $23.94$22.93
Blended Fair Value$36.59
Current Price$12.03
Upside204.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS41.27%38.96%1.001.160.120.141.330.180.070.150.410.31
YoY Growth---13.54%848.58%-10.89%-89.71%648.37%149.72%-50.76%-64.85%34.90%718.26%
Dividend Yield--9.56%9.87%1.13%2.37%22.51%2.33%1.56%4.27%9.23%5.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)199.96
(-) Cash Dividends Paid (M)125.49
(=) Cash Retained (M)74.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)39.9924.9915.00
Cash Retained (M)74.4774.4774.47
(-) Cash Required (M)-39.99-24.99-15.00
(=) Excess Retained (M)34.4849.4759.47
(/) Shares Outstanding (M)160.84160.84160.84
(=) Excess Retained per Share0.210.310.37
LTM Dividend per Share0.780.780.78
(+) Excess Retained per Share0.210.310.37
(=) Adjusted Dividend0.991.091.15
WACC / Discount Rate8.81%8.81%8.81%
Growth Rate5.50%6.50%7.50%
Fair Value$31.74$50.25$94.70
Upside / Downside163.87%317.72%687.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)199.96212.96226.80241.54257.24273.96282.18
Payout Ratio62.76%68.21%73.66%79.10%84.55%90.00%92.50%
Projected Dividends (M)125.49145.25167.05191.07217.50246.57261.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.81%8.81%8.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)132.24133.50134.75
Year 2 PV (M)138.47141.10143.77
Year 3 PV (M)144.19148.33152.55
Year 4 PV (M)149.44155.19161.10
Year 5 PV (M)154.24161.69169.42
PV of Terminal Value (M)2,812.522,948.373,089.41
Equity Value (M)3,531.103,688.173,851.00
Shares Outstanding (M)160.84160.84160.84
Fair Value$21.95$22.93$23.94
Upside / Downside82.50%90.61%99.03%

High-Yield Dividend Screener

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