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Phoenix Mecano AG (0QKP.L)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$3,018.50 - $15,341.88$6,215.03
Multi-Stage$2,186.15 - $2,392.38$2,287.36
Blended Fair Value$4,251.19
Current Price$470.18
Upside804.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.72%9.42%30.6417.2014.827.419.5715.4214.0113.9613.7514.74
YoY Growth--78.16%16.06%99.89%-22.55%-37.92%10.05%0.36%1.54%-6.73%18.34%
Dividend Yield--6.86%3.71%4.39%1.93%2.23%3.52%3.29%2.68%3.20%3.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)73.72
(-) Cash Dividends Paid (M)47.94
(=) Cash Retained (M)25.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.749.225.53
Cash Retained (M)25.7925.7925.79
(-) Cash Required (M)-14.74-9.22-5.53
(=) Excess Retained (M)11.0416.5720.26
(/) Shares Outstanding (M)0.950.950.95
(=) Excess Retained per Share11.6717.5221.42
LTM Dividend per Share50.6950.6950.69
(+) Excess Retained per Share11.6717.5221.42
(=) Adjusted Dividend62.3668.2172.11
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate4.38%5.38%6.38%
Fair Value$3,018.50$6,215.03$15,341.88
Upside / Downside541.99%1,221.84%3,162.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)73.7277.6981.8786.2890.9395.8298.70
Payout Ratio65.02%70.02%75.01%80.01%85.00%90.00%92.50%
Projected Dividends (M)47.9454.4061.4269.0377.2986.2491.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate4.38%5.38%6.38%
Year 1 PV (M)50.5751.0651.54
Year 2 PV (M)53.0954.1155.14
Year 3 PV (M)55.4757.0858.72
Year 4 PV (M)57.7459.9962.30
Year 5 PV (M)59.9062.8265.86
PV of Terminal Value (M)1,790.711,878.141,968.96
Equity Value (M)2,067.482,163.202,262.52
Shares Outstanding (M)0.950.950.95
Fair Value$2,186.15$2,287.36$2,392.38
Upside / Downside364.96%386.49%408.82%

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