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Aalberts N.V. (0NX1.IL)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$59.50 - $118.61$82.59
Multi-Stage$89.43 - $98.02$93.64
Blended Fair Value$88.12
Current Price$30.76
Upside186.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.56%10.68%1.131.111.650.600.800.750.650.580.520.46
YoY Growth--1.87%-32.77%174.85%-24.97%6.76%15.30%12.17%11.28%13.16%12.36%
Dividend Yield--3.30%2.84%4.57%1.03%2.20%1.88%2.24%1.37%1.69%1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)395.20
(-) Cash Dividends Paid (M)309.45
(=) Cash Retained (M)85.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)79.0449.4029.64
Cash Retained (M)85.7585.7585.75
(-) Cash Required (M)-79.04-49.40-29.64
(=) Excess Retained (M)6.7136.3556.11
(/) Shares Outstanding (M)110.34110.34110.34
(=) Excess Retained per Share0.060.330.51
LTM Dividend per Share2.802.802.80
(+) Excess Retained per Share0.060.330.51
(=) Adjusted Dividend2.873.133.31
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate1.65%2.65%3.65%
Fair Value$59.50$82.59$118.61
Upside / Downside93.43%168.50%285.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)395.20405.66416.39427.41438.72450.33463.84
Payout Ratio78.30%80.64%82.98%85.32%87.66%90.00%92.50%
Projected Dividends (M)309.45327.13345.53364.67384.59405.30429.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate1.65%2.65%3.65%
Year 1 PV (M)304.05307.05310.04
Year 2 PV (M)298.50304.40310.36
Year 3 PV (M)292.82301.54310.44
Year 4 PV (M)287.02298.49310.29
Year 5 PV (M)281.15295.25309.91
PV of Terminal Value (M)8,404.788,826.439,264.83
Equity Value (M)9,868.3210,333.1610,815.88
Shares Outstanding (M)110.34110.34110.34
Fair Value$89.43$93.64$98.02
Upside / Downside190.74%204.44%218.66%

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