Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bittium Oyj (0JG5.L)

Company Dividend Discount ModelIndustry: Software - ServicesSector: Technology

Valuation Snapshot

Stable Growth$1.53 - $2.11$1.82
Multi-Stage$2.75 - $3.02$2.89
Blended Fair Value$2.35
Current Price$8.53
Upside-72.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-17.07%-2.19%0.060.050.040.030.000.150.300.300.300.15
YoY Growth--17.65%25.00%28.65%0.00%-100.00%-50.00%0.00%0.00%102.42%101.83%
Dividend Yield--0.76%0.96%0.92%0.54%0.00%3.44%4.60%5.05%4.80%2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9.58
(-) Cash Dividends Paid (M)5.04
(=) Cash Retained (M)4.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.921.200.72
Cash Retained (M)4.544.544.54
(-) Cash Required (M)-1.92-1.20-0.72
(=) Excess Retained (M)2.623.343.82
(/) Shares Outstanding (M)35.4935.4935.49
(=) Excess Retained per Share0.070.090.11
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.070.090.11
(=) Adjusted Dividend0.220.240.25
WACC / Discount Rate9.38%9.38%9.38%
Growth Rate-4.19%-3.19%-2.19%
Fair Value$1.53$1.82$2.11
Upside / Downside-82.12%-78.67%-75.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.589.288.988.698.428.158.39
Payout Ratio52.63%60.10%67.58%75.05%82.53%90.00%92.50%
Projected Dividends (M)5.045.586.076.536.957.337.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.38%9.38%9.38%
Growth Rate-4.19%-3.19%-2.19%
Year 1 PV (M)5.055.105.15
Year 2 PV (M)4.975.075.18
Year 3 PV (M)4.834.995.14
Year 4 PV (M)4.664.855.06
Year 5 PV (M)4.454.684.93
PV of Terminal Value (M)73.8077.7381.83
Equity Value (M)97.75102.42107.29
Shares Outstanding (M)35.4935.4935.49
Fair Value$2.75$2.89$3.02
Upside / Downside-67.71%-66.17%-64.56%

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