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Banque Cantonale Vaudoise (BCVN.SW)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$125.69 - $225.65$167.59
Multi-Stage$192.67 - $211.17$201.74
Blended Fair Value$184.67
Current Price$91.45
Upside101.93%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.21%15.71%4.313.813.703.613.613.501.001.001.001.00
YoY Growth--13.15%2.83%2.58%0.00%2.99%250.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.16%3.51%4.17%5.10%3.75%4.44%1.30%1.36%1.55%1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)777.05
(-) Cash Dividends Paid (M)533.50
(=) Cash Retained (M)243.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)155.4197.1358.28
Cash Retained (M)243.55243.55243.55
(-) Cash Required (M)-155.41-97.13-58.28
(=) Excess Retained (M)88.14146.42185.27
(/) Shares Outstanding (M)85.9085.9085.90
(=) Excess Retained per Share1.031.702.16
LTM Dividend per Share6.216.216.21
(+) Excess Retained per Share1.031.702.16
(=) Adjusted Dividend7.247.928.37
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate1.20%2.20%3.20%
Fair Value$125.69$167.59$225.65
Upside / Downside37.44%83.26%146.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)777.05794.18811.68829.57847.86866.55892.54
Payout Ratio68.66%72.93%77.19%81.46%85.73%90.00%92.50%
Projected Dividends (M)533.50579.16626.57675.79726.88779.89825.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate1.20%2.20%3.20%
Year 1 PV (M)535.82541.11546.41
Year 2 PV (M)536.30546.95557.71
Year 3 PV (M)535.15551.17567.50
Year 4 PV (M)532.53553.89575.89
Year 5 PV (M)528.61555.24582.94
PV of Terminal Value (M)13,881.6014,581.1115,308.53
Equity Value (M)16,550.0017,329.4718,138.99
Shares Outstanding (M)85.9085.9085.90
Fair Value$192.67$201.74$211.17
Upside / Downside110.68%120.60%130.91%

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