Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Züblin Immobilien Holding AG (0REW.L)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$38.81 - $60.00$48.64
Multi-Stage$86.32 - $95.16$90.65
Blended Fair Value$69.65
Current Price$46.20
Upside50.75%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-0.02%0.00%0.580.580.580.580.580.580.580.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%-0.10%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.65%2.35%2.16%2.18%2.19%2.10%2.52%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)13.86
(-) Cash Dividends Paid (M)1.93
(=) Cash Retained (M)11.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.771.731.04
Cash Retained (M)11.9311.9311.93
(-) Cash Required (M)-2.77-1.73-1.04
(=) Excess Retained (M)9.1610.2010.89
(/) Shares Outstanding (M)3.323.323.32
(=) Excess Retained per Share2.763.083.28
LTM Dividend per Share0.580.580.58
(+) Excess Retained per Share2.763.083.28
(=) Adjusted Dividend3.353.663.87
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.02%-1.02%-0.02%
Fair Value$38.81$48.64$60.00
Upside / Downside-16.00%5.28%29.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13.8613.7213.5813.4413.3113.1713.57
Payout Ratio13.95%29.16%44.37%59.58%74.79%90.00%92.50%
Projected Dividends (M)1.934.006.038.019.9511.8512.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.02%-1.02%-0.02%
Year 1 PV (M)3.723.763.80
Year 2 PV (M)5.215.325.43
Year 3 PV (M)6.456.656.85
Year 4 PV (M)7.457.768.08
Year 5 PV (M)8.258.689.13
PV of Terminal Value (M)255.12268.41282.24
Equity Value (M)286.20300.57315.52
Shares Outstanding (M)3.323.323.32
Fair Value$86.32$90.65$95.16
Upside / Downside86.84%96.22%105.98%

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