Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hexagon AB (publ) (HEXA-B.ST)

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

Valuation Snapshot

Stable Growth$6.65 - $14.32$9.49
Multi-Stage$4.98 - $5.43$5.20
Blended Fair Value$7.34
Current Price$8.49
Upside-13.49%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.66%12.51%0.130.120.110.090.080.080.070.060.060.05
YoY Growth--10.84%9.13%24.08%4.61%5.71%12.88%10.40%11.61%23.21%14.26%
Dividend Yield--1.35%1.10%1.04%0.69%0.75%1.44%1.05%0.93%1.07%0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)941.90
(-) Cash Dividends Paid (M)384.00
(=) Cash Retained (M)557.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)188.38117.7470.64
Cash Retained (M)557.90557.90557.90
(-) Cash Required (M)-188.38-117.74-70.64
(=) Excess Retained (M)369.52440.16487.26
(/) Shares Outstanding (M)2,705.482,705.482,705.48
(=) Excess Retained per Share0.140.160.18
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.140.160.18
(=) Adjusted Dividend0.280.300.32
WACC / Discount Rate9.92%9.92%9.92%
Growth Rate5.50%6.50%7.50%
Fair Value$6.65$9.49$14.32
Upside / Downside-21.66%11.79%68.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)941.901,003.121,068.331,137.771,211.721,290.481,329.20
Payout Ratio40.77%50.61%60.46%70.31%80.15%90.00%92.50%
Projected Dividends (M)384.00507.73645.92799.94971.241,161.441,229.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.92%9.92%9.92%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)457.58461.92466.25
Year 2 PV (M)524.62534.62544.70
Year 3 PV (M)585.54602.35619.47
Year 4 PV (M)640.71665.35690.69
Year 5 PV (M)690.50723.85758.48
PV of Terminal Value (M)10,565.9911,076.3311,606.20
Equity Value (M)13,464.9414,064.4114,685.81
Shares Outstanding (M)2,705.482,705.482,705.48
Fair Value$4.98$5.20$5.43
Upside / Downside-41.38%-38.77%-36.06%

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