Definitive Analysis
Definitive Analysis

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Getinge AB (publ) (0GZV.IL)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$94.82 - $162.16$123.98
Multi-Stage$138.16 - $151.34$144.63
Blended Fair Value$134.31
Current Price$202.50
Upside-33.68%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS35.16%2.14%4.504.254.003.001.501.001.561.822.512.54
YoY Growth--5.96%6.24%33.41%99.76%50.37%-35.85%-14.34%-27.74%-0.87%-30.41%
Dividend Yield--2.09%2.04%1.58%0.80%0.62%0.52%1.42%1.91%1.62%1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,054.00
(-) Cash Dividends Paid (M)1,271.00
(=) Cash Retained (M)783.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)410.80256.75154.05
Cash Retained (M)783.00783.00783.00
(-) Cash Required (M)-410.80-256.75-154.05
(=) Excess Retained (M)372.20526.25628.95
(/) Shares Outstanding (M)272.37272.37272.37
(=) Excess Retained per Share1.371.932.31
LTM Dividend per Share4.674.674.67
(+) Excess Retained per Share1.371.932.31
(=) Adjusted Dividend6.036.606.98
WACC / Discount Rate7.65%7.65%7.65%
Growth Rate1.21%2.21%3.21%
Fair Value$94.82$123.98$162.16
Upside / Downside-53.18%-38.77%-19.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,054.002,099.322,145.632,192.972,241.362,290.812,359.53
Payout Ratio61.88%67.50%73.13%78.75%84.38%90.00%92.50%
Projected Dividends (M)1,271.001,417.111,569.051,727.001,891.162,061.732,182.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.65%7.65%7.65%
Growth Rate1.21%2.21%3.21%
Year 1 PV (M)1,303.581,316.461,329.34
Year 2 PV (M)1,327.711,354.071,380.70
Year 3 PV (M)1,344.281,384.531,425.57
Year 4 PV (M)1,354.131,408.451,464.38
Year 5 PV (M)1,357.981,426.411,497.57
PV of Terminal Value (M)30,943.1632,502.3934,123.85
Equity Value (M)37,630.8439,392.3141,221.40
Shares Outstanding (M)272.37272.37272.37
Fair Value$138.16$144.63$151.34
Upside / Downside-31.77%-28.58%-25.26%

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