Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Whitbread plc (WTB.L)

Company Dividend Discount ModelIndustry: Travel LodgingSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$51.42 - $114.96$74.37
Multi-Stage$97.41 - $107.02$102.12
Blended Fair Value$88.24
Current Price$26.74
Upside230.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.18%3.15%0.980.900.650.000.000.881.030.980.920.85
YoY Growth--8.14%38.29%0.00%0.00%-100.00%-14.67%5.52%6.28%7.74%18.76%
Dividend Yield--3.66%2.61%2.13%0.00%0.00%2.63%2.47%2.92%2.79%2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)489.50
(-) Cash Dividends Paid (M)350.00
(=) Cash Retained (M)139.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)97.9061.1936.71
Cash Retained (M)139.50139.50139.50
(-) Cash Required (M)-97.90-61.19-36.71
(=) Excess Retained (M)41.6078.31102.79
(/) Shares Outstanding (M)182.03182.03182.03
(=) Excess Retained per Share0.230.430.56
LTM Dividend per Share1.921.921.92
(+) Excess Retained per Share0.230.430.56
(=) Adjusted Dividend2.152.352.49
WACC / Discount Rate5.38%5.38%5.38%
Growth Rate1.15%2.15%3.15%
Fair Value$51.42$74.37$114.96
Upside / Downside92.30%178.12%329.91%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)489.50500.03510.78521.77532.99544.45560.78
Payout Ratio71.50%75.20%78.90%82.60%86.30%90.00%92.50%
Projected Dividends (M)350.00376.03403.01430.98459.97490.01518.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.38%5.38%5.38%
Growth Rate1.15%2.15%3.15%
Year 1 PV (M)353.33356.82360.31
Year 2 PV (M)355.82362.89370.03
Year 3 PV (M)357.55368.26379.18
Year 4 PV (M)358.56372.95387.77
Year 5 PV (M)358.92377.01395.83
PV of Terminal Value (M)15,946.4316,750.4217,586.52
Equity Value (M)17,730.6018,588.3619,479.65
Shares Outstanding (M)182.03182.03182.03
Fair Value$97.41$102.12$107.02
Upside / Downside264.28%281.90%300.21%

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