Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dampskibsselskabet Norden A/S (DNORD.CO)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$100.36 - $240.78$148.63
Multi-Stage$70.92 - $77.46$74.13
Blended Fair Value$111.38
Current Price$31.70
Upside251.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS43.30%6.75%2.4310.3712.631.780.490.400.000.000.000.00
YoY Growth---76.53%-17.89%609.81%263.01%21.67%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--9.67%24.99%18.86%5.06%2.12%3.52%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)139.20
(-) Cash Dividends Paid (M)35.40
(=) Cash Retained (M)103.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.8417.4010.44
Cash Retained (M)103.80103.80103.80
(-) Cash Required (M)-27.84-17.40-10.44
(=) Excess Retained (M)75.9686.4093.36
(/) Shares Outstanding (M)29.7929.7929.79
(=) Excess Retained per Share2.552.903.13
LTM Dividend per Share1.191.191.19
(+) Excess Retained per Share2.552.903.13
(=) Adjusted Dividend3.744.094.32
WACC / Discount Rate9.43%9.43%9.43%
Growth Rate5.50%6.50%7.50%
Fair Value$100.36$148.63$240.78
Upside / Downside216.58%368.86%659.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)139.20148.25157.88168.15179.08190.72196.44
Payout Ratio25.43%38.34%51.26%64.17%77.09%90.00%92.50%
Projected Dividends (M)35.4056.8580.93107.90138.04171.64181.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.43%9.43%9.43%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)51.4651.9552.43
Year 2 PV (M)66.3267.5868.86
Year 3 PV (M)80.0582.3484.69
Year 4 PV (M)92.7096.2799.93
Year 5 PV (M)104.34109.38114.62
PV of Terminal Value (M)1,717.951,800.931,887.08
Equity Value (M)2,112.822,208.452,307.61
Shares Outstanding (M)29.7929.7929.79
Fair Value$70.92$74.13$77.46
Upside / Downside123.74%133.86%144.36%

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