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AXA S.A. (AXA.DE)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$216.88 - $1,165.55$426.53
Multi-Stage$158.62 - $173.63$165.99
Blended Fair Value$296.26
Current Price$41.67
Upside610.96%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.39%7.14%2.031.801.671.590.791.491.551.411.331.20
YoY Growth--12.84%7.40%5.36%100.17%-46.66%-4.28%10.20%5.99%10.85%17.99%
Dividend Yield--5.91%6.10%6.42%6.07%4.07%5.93%8.24%5.70%5.55%4.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)13,004.00
(-) Cash Dividends Paid (M)6,858.00
(=) Cash Retained (M)6,146.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,600.801,625.50975.30
Cash Retained (M)6,146.006,146.006,146.00
(-) Cash Required (M)-2,600.80-1,625.50-975.30
(=) Excess Retained (M)3,545.204,520.505,170.70
(/) Shares Outstanding (M)2,195.992,195.992,195.99
(=) Excess Retained per Share1.612.062.35
LTM Dividend per Share3.123.123.12
(+) Excess Retained per Share1.612.062.35
(=) Adjusted Dividend4.745.185.48
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate4.39%5.39%6.39%
Fair Value$216.88$426.53$1,165.55
Upside / Downside420.46%923.59%2,697.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13,004.0013,705.3114,444.4415,223.4316,044.4316,909.7117,417.00
Payout Ratio52.74%60.19%67.64%75.10%82.55%90.00%92.50%
Projected Dividends (M)6,858.008,249.249,770.5911,432.0413,244.2815,218.7416,110.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate4.39%5.39%6.39%
Year 1 PV (M)7,659.807,733.187,806.55
Year 2 PV (M)8,424.198,586.368,750.07
Year 3 PV (M)9,152.409,417.959,688.58
Year 4 PV (M)9,845.6310,228.3310,622.09
Year 5 PV (M)10,505.0311,017.9111,550.63
PV of Terminal Value (M)302,742.47317,523.07332,875.42
Equity Value (M)348,329.53364,506.80381,293.35
Shares Outstanding (M)2,195.992,195.992,195.99
Fair Value$158.62$165.99$173.63
Upside / Downside280.66%298.34%316.68%

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