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Brødrene A & O Johansen A/S (0RNT.L)

Company Dividend Discount ModelIndustry: Industrial - DistributionSector: Industrials

Valuation Snapshot

Stable Growth$588.27 - $1,386.75$1,299.58
Multi-Stage$205.18 - $224.53$214.68
Blended Fair Value$757.13
Current Price$88.50
Upside755.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS44.27%0.00%3.795.314.551.520.610.610.610.610.000.00
YoY Growth---28.58%16.67%200.00%149.99%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.57%6.96%5.61%1.39%0.82%2.07%1.87%1.81%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)187.45
(-) Cash Dividends Paid (M)81.51
(=) Cash Retained (M)105.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)37.4923.4314.06
Cash Retained (M)105.94105.94105.94
(-) Cash Required (M)-37.49-23.43-14.06
(=) Excess Retained (M)68.4582.5191.88
(/) Shares Outstanding (M)26.8826.8826.88
(=) Excess Retained per Share2.553.073.42
LTM Dividend per Share3.033.033.03
(+) Excess Retained per Share2.553.073.42
(=) Adjusted Dividend5.586.106.45
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Fair Value$588.27$1,299.58$1,386.75
Upside / Downside564.71%1,368.46%1,466.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)187.45199.63212.61226.43241.14256.82264.52
Payout Ratio43.48%52.79%62.09%71.39%80.70%90.00%92.50%
Projected Dividends (M)81.51105.38132.01161.65194.60231.14244.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)98.0298.9599.88
Year 2 PV (M)114.21116.39118.58
Year 3 PV (M)130.09133.82137.63
Year 4 PV (M)145.66151.26157.02
Year 5 PV (M)160.93168.70176.77
PV of Terminal Value (M)4,866.785,101.855,345.91
Equity Value (M)5,515.695,770.976,035.80
Shares Outstanding (M)26.8826.8826.88
Fair Value$205.18$214.68$224.53
Upside / Downside131.84%142.57%153.71%

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