Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jenoptik AG (0ZPV.L)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$33.75 - $95.23$52.58
Multi-Stage$34.91 - $38.29$36.57
Blended Fair Value$44.58
Current Price$30.64
Upside45.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%5.24%0.300.250.250.130.350.300.250.220.200.20
YoY Growth--19.99%0.00%92.31%-62.86%16.67%19.99%13.64%10.00%0.00%11.10%
Dividend Yield--0.98%0.79%0.90%0.51%2.33%0.89%0.87%0.95%1.44%1.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)80.33
(-) Cash Dividends Paid (M)20.03
(=) Cash Retained (M)60.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.0710.046.02
Cash Retained (M)60.3060.3060.30
(-) Cash Required (M)-16.07-10.04-6.02
(=) Excess Retained (M)44.2350.2654.27
(/) Shares Outstanding (M)57.2357.2357.23
(=) Excess Retained per Share0.770.880.95
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share0.770.880.95
(=) Adjusted Dividend1.121.231.30
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.24%4.24%5.24%
Fair Value$33.75$52.58$95.23
Upside / Downside10.15%71.61%210.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)80.3383.7487.2990.9994.8598.87101.84
Payout Ratio24.94%37.95%50.96%63.98%76.99%90.00%92.50%
Projected Dividends (M)20.0331.7844.4858.2173.0288.9894.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.24%4.24%5.24%
Year 1 PV (M)29.5029.7930.08
Year 2 PV (M)38.3439.0939.84
Year 3 PV (M)46.5947.9549.35
Year 4 PV (M)54.2656.3958.58
Year 5 PV (M)61.3864.4167.56
PV of Terminal Value (M)1,767.961,855.261,945.97
Equity Value (M)1,998.032,092.892,191.38
Shares Outstanding (M)57.2357.2357.23
Fair Value$34.91$36.57$38.29
Upside / Downside13.95%19.35%24.97%

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