Definitive Analysis
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Engie S.A. (ENGI.PA)

Company Dividend Discount ModelIndustry: Diversified UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$67.81 - $150.19$97.76
Multi-Stage$92.23 - $101.06$96.56
Blended Fair Value$97.16
Current Price$19.93
Upside387.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.82%1.09%1.711.671.100.760.260.981.041.181.301.28
YoY Growth--1.97%52.61%43.36%199.36%-73.82%-6.47%-11.67%-9.00%1.54%-16.48%
Dividend Yield--11.14%10.51%8.19%5.88%2.04%6.77%8.32%8.30%10.71%7.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,622.50
(-) Cash Dividends Paid (M)6,633.00
(=) Cash Retained (M)1,989.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,724.501,077.81646.69
Cash Retained (M)1,989.501,989.501,989.50
(-) Cash Required (M)-1,724.50-1,077.81-646.69
(=) Excess Retained (M)265.00911.691,342.81
(/) Shares Outstanding (M)2,431.552,431.552,431.55
(=) Excess Retained per Share0.110.370.55
LTM Dividend per Share2.732.732.73
(+) Excess Retained per Share0.110.370.55
(=) Adjusted Dividend2.843.103.28
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate2.21%3.21%4.21%
Fair Value$67.81$97.76$150.19
Upside / Downside240.25%390.51%653.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,622.508,899.329,185.039,479.919,784.2510,098.3710,401.32
Payout Ratio76.93%79.54%82.16%84.77%87.39%90.00%92.50%
Projected Dividends (M)6,633.007,078.647,546.058,036.188,550.009,088.539,621.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate2.21%3.21%4.21%
Year 1 PV (M)6,583.056,647.466,711.87
Year 2 PV (M)6,526.426,654.756,784.33
Year 3 PV (M)6,463.736,655.316,850.64
Year 4 PV (M)6,395.546,649.536,911.01
Year 5 PV (M)6,322.416,637.816,965.67
PV of Terminal Value (M)191,978.10201,554.99211,510.31
Equity Value (M)224,269.26234,799.84245,733.82
Shares Outstanding (M)2,431.552,431.552,431.55
Fair Value$92.23$96.56$101.06
Upside / Downside362.78%384.51%407.08%

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