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Permanent TSB Group Holdings plc (IL0A.IR)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$0.77 - $1.17$0.96
Multi-Stage$1.58 - $1.74$1.66
Blended Fair Value$1.31
Current Price$2.04
Upside-35.90%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.020.020.000.010.000.000.000.000.000.00
YoY Growth--0.00%330.00%-52.38%90.91%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.20%1.02%0.22%0.53%0.51%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)220.00
(-) Cash Dividends Paid (M)86.00
(=) Cash Retained (M)134.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)44.0027.5016.50
Cash Retained (M)134.00134.00134.00
(-) Cash Required (M)-44.00-27.50-16.50
(=) Excess Retained (M)90.00106.50117.50
(/) Shares Outstanding (M)2,481.332,481.332,481.33
(=) Excess Retained per Share0.040.040.05
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.040.040.05
(=) Adjusted Dividend0.070.080.08
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.77$0.96$1.17
Upside / Downside-62.27%-53.12%-42.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)220.00217.80215.62213.47211.33209.22215.49
Payout Ratio39.09%49.27%59.45%69.64%79.82%90.00%92.50%
Projected Dividends (M)86.00107.32128.20148.65168.68188.30199.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)99.25100.27101.28
Year 2 PV (M)109.66111.91114.18
Year 3 PV (M)117.60121.24124.95
Year 4 PV (M)123.42128.54133.81
Year 5 PV (M)127.42134.06140.97
PV of Terminal Value (M)3,346.203,520.443,701.87
Equity Value (M)3,923.554,116.444,317.05
Shares Outstanding (M)2,481.332,481.332,481.33
Fair Value$1.58$1.66$1.74
Upside / Downside-22.49%-18.68%-14.72%

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