Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Standard Bank Group Limited (SBK.JO)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$3,992.26 - $11,170.69$10,468.57
Multi-Stage$1,603.25 - $1,751.99$1,676.27
Blended Fair Value$6,072.42
Current Price$227.51
Upside2,569.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.18%10.46%17.3516.7212.957.246.7311.1810.619.347.787.16
YoY Growth--3.73%29.15%78.89%7.60%-39.84%5.36%13.66%20.10%8.56%11.70%
Dividend Yield--7.82%8.08%7.72%5.17%5.29%6.64%5.94%4.77%5.12%6.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)93,673.00
(-) Cash Dividends Paid (M)72,810.00
(=) Cash Retained (M)20,863.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18,734.6011,709.137,025.48
Cash Retained (M)20,863.0020,863.0020,863.00
(-) Cash Required (M)-18,734.60-11,709.13-7,025.48
(=) Excess Retained (M)2,128.409,153.8813,837.53
(/) Shares Outstanding (M)1,667.691,667.691,667.69
(=) Excess Retained per Share1.285.498.30
LTM Dividend per Share43.6643.6643.66
(+) Excess Retained per Share1.285.498.30
(=) Adjusted Dividend44.9449.1551.96
WACC / Discount Rate6.69%6.69%6.69%
Growth Rate5.50%6.50%7.50%
Fair Value$3,992.26$10,468.57$11,170.69
Upside / Downside1,654.76%4,501.37%4,809.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)93,673.0099,761.75106,246.26113,152.27120,507.16128,340.13132,190.33
Payout Ratio77.73%80.18%82.64%85.09%87.55%90.00%92.50%
Projected Dividends (M)72,810.0079,991.2387,798.4196,282.55105,498.68115,506.12122,276.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.69%6.69%6.69%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)74,273.1574,977.1675,681.17
Year 2 PV (M)75,694.7077,136.4878,591.85
Year 3 PV (M)77,075.4279,287.9781,542.47
Year 4 PV (M)78,416.0181,431.6784,533.48
Year 5 PV (M)79,717.2283,567.5987,565.32
PV of Terminal Value (M)2,288,547.852,399,085.562,513,853.82
Equity Value (M)2,673,724.342,795,486.432,921,768.12
Shares Outstanding (M)1,667.691,667.691,667.69
Fair Value$1,603.25$1,676.27$1,751.99
Upside / Downside604.70%636.79%670.07%

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