Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nordic Paper Holding AB (publ) (NPAPER.ST)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$43.86 - $64.71$53.85
Multi-Stage$76.49 - $84.26$80.30
Blended Fair Value$67.08
Current Price$66.95
Upside0.19%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%3.984.621.991.9914.110.000.001.490.000.00
YoY Growth---13.83%132.09%0.00%-85.89%0.00%0.00%-100.00%0.00%0.00%0.00%
Dividend Yield--8.41%8.60%4.44%5.89%29.31%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)376.00
(-) Cash Dividends Paid (M)4.80
(=) Cash Retained (M)371.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)75.2047.0028.20
Cash Retained (M)371.20371.20371.20
(-) Cash Required (M)-75.20-47.00-28.20
(=) Excess Retained (M)296.00324.20343.00
(/) Shares Outstanding (M)67.3167.3167.31
(=) Excess Retained per Share4.404.825.10
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share4.404.825.10
(=) Adjusted Dividend4.474.895.17
WACC / Discount Rate7.99%7.99%7.99%
Growth Rate-2.00%-1.00%0.00%
Fair Value$43.86$53.85$64.71
Upside / Downside-34.49%-19.56%-3.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)376.00372.24368.52364.83361.18357.57368.30
Payout Ratio1.28%19.02%36.77%54.51%72.26%90.00%92.50%
Projected Dividends (M)4.8070.80135.49198.87260.97321.82340.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.99%7.99%7.99%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)64.9165.5766.23
Year 2 PV (M)113.86116.19118.55
Year 3 PV (M)153.20157.94162.77
Year 4 PV (M)184.29191.93199.80
Year 5 PV (M)208.32219.17230.47
PV of Terminal Value (M)4,423.584,653.924,893.77
Equity Value (M)5,148.155,404.725,671.58
Shares Outstanding (M)67.3167.3167.31
Fair Value$76.49$80.30$84.26
Upside / Downside14.24%19.94%25.86%

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