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Coface S.A. (COFA.PA)

Company Dividend Discount ModelIndustry: Insurance - ReinsuranceSector: Financial Services

Valuation Snapshot

Stable Growth$30.48 - $69.34$44.35
Multi-Stage$36.16 - $39.55$37.82
Blended Fair Value$41.09
Current Price$15.87
Upside158.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.23%-1.62%1.301.521.500.550.000.800.350.140.500.51
YoY Growth---14.38%1.31%173.29%0.00%-100.00%125.78%159.31%-72.92%-0.20%-67.03%
Dividend Yield--7.36%10.53%11.50%5.02%0.00%13.67%4.38%1.47%7.15%6.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)229.64
(-) Cash Dividends Paid (M)209.07
(=) Cash Retained (M)20.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)45.9328.7117.22
Cash Retained (M)20.5720.5720.57
(-) Cash Required (M)-45.93-28.71-17.22
(=) Excess Retained (M)-25.36-8.133.35
(/) Shares Outstanding (M)149.34149.34149.34
(=) Excess Retained per Share-0.17-0.050.02
LTM Dividend per Share1.401.401.40
(+) Excess Retained per Share-0.17-0.050.02
(=) Adjusted Dividend1.231.351.42
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate2.86%3.86%4.86%
Fair Value$30.48$44.35$69.34
Upside / Downside92.07%179.44%336.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)229.64238.50247.71257.27267.19277.51285.83
Payout Ratio91.04%90.83%90.62%90.42%90.21%90.00%92.50%
Projected Dividends (M)209.07216.64224.48232.61241.03249.76264.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate2.86%3.86%4.86%
Year 1 PV (M)200.50202.45204.40
Year 2 PV (M)192.28196.04199.83
Year 3 PV (M)184.40189.83195.36
Year 4 PV (M)176.83183.81190.99
Year 5 PV (M)169.58177.99186.72
PV of Terminal Value (M)4,476.564,698.444,929.03
Equity Value (M)5,400.155,648.555,906.34
Shares Outstanding (M)149.34149.34149.34
Fair Value$36.16$37.82$39.55
Upside / Downside127.85%138.33%149.21%

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