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MAHLE Metal Leve S.A. (LEVE3.SA)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$224.13 - $851.26$652.03
Multi-Stage$121.90 - $133.45$127.57
Blended Fair Value$389.80
Current Price$27.31
Upside1,327.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.88%2.26%2.356.892.810.620.112.041.700.550.641.60
YoY Growth---65.91%144.80%357.46%474.60%-94.75%20.12%206.17%-13.17%-60.04%-14.99%
Dividend Yield--8.27%20.31%9.36%2.43%0.47%11.79%7.06%2.29%2.98%6.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)583.27
(-) Cash Dividends Paid (M)247.45
(=) Cash Retained (M)335.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)116.6572.9143.75
Cash Retained (M)335.82335.82335.82
(-) Cash Required (M)-116.65-72.91-43.75
(=) Excess Retained (M)219.17262.92292.08
(/) Shares Outstanding (M)135.54135.54135.54
(=) Excess Retained per Share1.621.942.15
LTM Dividend per Share1.831.831.83
(+) Excess Retained per Share1.621.942.15
(=) Adjusted Dividend3.443.773.98
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate4.93%5.93%6.93%
Fair Value$224.13$652.03$851.26
Upside / Downside720.67%2,287.51%3,017.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)583.27617.84654.46693.25734.33777.85801.19
Payout Ratio42.42%51.94%61.45%70.97%80.48%90.00%92.50%
Projected Dividends (M)247.45320.90402.19491.99591.03700.07741.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate4.93%5.93%6.93%
Year 1 PV (M)298.36301.21304.05
Year 2 PV (M)347.68354.34361.06
Year 3 PV (M)395.44406.86418.49
Year 4 PV (M)441.68458.76476.33
Year 5 PV (M)486.42510.05534.58
PV of Terminal Value (M)14,552.5815,259.3915,993.40
Equity Value (M)16,522.1717,290.6018,087.91
Shares Outstanding (M)135.54135.54135.54
Fair Value$121.90$127.57$133.45
Upside / Downside346.36%367.12%388.66%

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