Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Marel hf. (MAREL.AS)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$2.50 - $2.94$2.76
Multi-Stage$1.53 - $1.68$1.61
Blended Fair Value$2.18
Current Price$3.45
Upside-36.76%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-16.54%5.11%0.020.050.050.060.050.040.020.010.000.00
YoY Growth---67.66%-12.82%-4.46%17.10%28.35%88.89%35.40%224.34%0.00%-100.00%
Dividend Yield--0.48%1.27%1.04%0.98%1.39%0.98%0.52%0.38%0.12%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11.43
(-) Cash Dividends Paid (M)6.25
(=) Cash Retained (M)5.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.291.430.86
Cash Retained (M)5.185.185.18
(-) Cash Required (M)-2.29-1.43-0.86
(=) Excess Retained (M)2.903.754.32
(/) Shares Outstanding (M)755.48755.48755.48
(=) Excess Retained per Share0.000.000.01
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.000.000.01
(=) Adjusted Dividend0.010.010.01
WACC / Discount Rate2.65%2.65%2.65%
Growth Rate3.11%4.11%5.11%
Fair Value$2.50$2.76$2.94
Upside / Downside-27.66%-20.11%-14.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11.4311.9012.3912.9013.4313.9814.40
Payout Ratio54.66%61.73%68.80%75.86%82.93%90.00%92.50%
Projected Dividends (M)6.257.358.529.7911.1412.5813.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.65%2.65%2.65%
Growth Rate3.11%4.11%5.11%
Year 1 PV (M)7.097.167.22
Year 2 PV (M)7.938.098.25
Year 3 PV (M)8.799.059.31
Year 4 PV (M)9.6510.0310.42
Year 5 PV (M)10.5211.0411.58
PV of Terminal Value (M)1,113.861,168.931,226.16
Equity Value (M)1,157.851,214.301,272.94
Shares Outstanding (M)755.48755.48755.48
Fair Value$1.53$1.61$1.68
Upside / Downside-55.58%-53.41%-51.16%

High-Yield Dividend Screener

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