Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Thessaloniki Water Supply & Sewerage Co S.A. (EYAPS.AT)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$0.78 - $1.01$0.90
Multi-Stage$3.86 - $4.34$4.10
Blended Fair Value$2.50
Current Price$3.29
Upside-24.04%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-26.06%-21.06%0.030.000.210.220.260.120.210.220.240.23
YoY Growth--16,366.67%-99.92%-2.01%-16.75%115.32%-42.29%-3.14%-9.83%4.11%-18.94%
Dividend Yield--0.84%0.00%6.50%4.71%5.99%2.55%4.77%4.80%6.97%7.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)10.33
(-) Cash Dividends Paid (M)1.00
(=) Cash Retained (M)9.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.071.290.77
Cash Retained (M)9.339.339.33
(-) Cash Required (M)-2.07-1.29-0.77
(=) Excess Retained (M)7.268.048.55
(/) Shares Outstanding (M)36.5936.5936.59
(=) Excess Retained per Share0.200.220.23
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.200.220.23
(=) Adjusted Dividend0.230.250.26
WACC / Discount Rate5.15%5.15%5.15%
Growth Rate-18.46%-17.46%-16.46%
Fair Value$0.78$0.90$1.01
Upside / Downside-76.30%-72.60%-69.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)10.338.527.035.814.793.964.07
Payout Ratio9.65%25.72%41.79%57.86%73.93%90.00%92.50%
Projected Dividends (M)1.002.192.943.363.543.563.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.15%5.15%5.15%
Growth Rate-18.46%-17.46%-16.46%
Year 1 PV (M)2.062.082.11
Year 2 PV (M)2.592.662.72
Year 3 PV (M)2.792.893.00
Year 4 PV (M)2.762.903.04
Year 5 PV (M)2.612.772.94
PV of Terminal Value (M)128.51136.58145.06
Equity Value (M)141.31149.88158.87
Shares Outstanding (M)36.5936.5936.59
Fair Value$3.86$4.10$4.34
Upside / Downside17.40%24.52%31.98%

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