Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Carel Industries S.p.A. (0YQA.L)

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

Valuation Snapshot

Stable Growth$15.01 - $45.20$23.83
Multi-Stage$9.98 - $10.91$10.44
Blended Fair Value$17.13
Current Price$22.85
Upside-25.02%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.43%0.00%0.190.160.130.110.110.090.270.130.180.04
YoY Growth--18.75%20.03%25.08%0.07%19.90%-66.69%100.00%-25.00%300.00%0.00%
Dividend Yield--1.14%0.79%0.55%0.47%0.58%0.76%2.66%1.66%2.21%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)65.26
(-) Cash Dividends Paid (M)18.62
(=) Cash Retained (M)46.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.058.164.89
Cash Retained (M)46.6546.6546.65
(-) Cash Required (M)-13.05-8.16-4.89
(=) Excess Retained (M)33.5938.4941.75
(/) Shares Outstanding (M)111.65111.65111.65
(=) Excess Retained per Share0.300.340.37
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.300.340.37
(=) Adjusted Dividend0.470.510.54
WACC / Discount Rate8.79%8.79%8.79%
Growth Rate5.50%6.50%7.50%
Fair Value$15.01$23.83$45.20
Upside / Downside-34.29%4.29%97.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)65.2669.5074.0278.8383.9689.4192.10
Payout Ratio28.52%40.82%53.11%65.41%77.70%90.00%92.50%
Projected Dividends (M)18.6228.3739.3251.5665.2480.4785.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.79%8.79%8.79%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)25.8326.0826.32
Year 2 PV (M)32.6033.2233.85
Year 3 PV (M)38.9340.0541.19
Year 4 PV (M)44.8646.5848.36
Year 5 PV (M)50.3852.8255.35
PV of Terminal Value (M)921.88966.411,012.64
Equity Value (M)1,114.501,165.161,217.71
Shares Outstanding (M)111.65111.65111.65
Fair Value$9.98$10.44$10.91
Upside / Downside-56.32%-54.33%-52.27%

High-Yield Dividend Screener

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