Definitive Analysis
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Definitive Analysis

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Investment AB Spiltan (SPLTN.ST)

Company Dividend Discount ModelIndustry: Investment - Banking & Investment ServicesSector: Financial Services

Valuation Snapshot

Stable Growth$271.88 - $417.77$339.86
Multi-Stage$579.96 - $639.46$609.12
Blended Fair Value$474.49
Current Price$207.50
Upside128.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.75%0.00%1.021.021.021.020.001.061.160.580.550.10
YoY Growth--0.00%0.00%0.00%0.00%-100.00%-8.90%98.56%6.59%426.52%0.00%
Dividend Yield--0.49%0.50%0.42%0.38%0.00%0.44%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)912.27
(-) Cash Dividends Paid (M)65.67
(=) Cash Retained (M)846.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)182.45114.0368.42
Cash Retained (M)846.60846.60846.60
(-) Cash Required (M)-182.45-114.03-68.42
(=) Excess Retained (M)664.15732.57778.18
(/) Shares Outstanding (M)30.5430.5430.54
(=) Excess Retained per Share21.7523.9925.48
LTM Dividend per Share2.152.152.15
(+) Excess Retained per Share21.7523.9925.48
(=) Adjusted Dividend23.9026.1427.63
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate-2.00%-1.00%0.00%
Fair Value$271.88$339.86$417.77
Upside / Downside31.03%63.79%101.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)912.27903.14894.11885.17876.32867.56893.58
Payout Ratio7.20%23.76%40.32%56.88%73.44%90.00%92.50%
Projected Dividends (M)65.67214.57360.50503.48643.57780.80826.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)199.23201.26203.29
Year 2 PV (M)310.78317.15323.59
Year 3 PV (M)403.00415.47428.18
Year 4 PV (M)478.29498.12518.55
Year 5 PV (M)538.79566.84596.06
PV of Terminal Value (M)15,780.8516,602.5917,458.22
Equity Value (M)17,710.9418,601.4319,527.90
Shares Outstanding (M)30.5430.5430.54
Fair Value$579.96$609.12$639.46
Upside / Downside179.50%193.55%208.17%

High-Yield Dividend Screener

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