Definitive Analysis
Definitive Analysis

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Arabian United Float Glass Company (9611.SR)

Company Dividend Discount ModelIndustry: Industrial - SpecialtiesSector: Basic Materials

Valuation Snapshot

Stable Growth$38.32 - $60.51$48.47
Multi-Stage$95.45 - $105.24$100.25
Blended Fair Value$74.36
Current Price$44.98
Upside65.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%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)65.77
(-) Cash Dividends Paid (M)17.00
(=) Cash Retained (M)48.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.158.224.93
Cash Retained (M)48.7648.7648.76
(-) Cash Required (M)-13.15-8.22-4.93
(=) Excess Retained (M)35.6140.5443.83
(/) Shares Outstanding (M)17.0117.0117.01
(=) Excess Retained per Share2.092.382.58
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share2.092.382.58
(=) Adjusted Dividend3.093.383.58
WACC / Discount Rate5.91%5.91%5.91%
Growth Rate-2.00%-1.00%0.00%
Fair Value$38.32$48.47$60.51
Upside / Downside-14.81%7.75%34.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)65.7765.1164.4663.8163.1762.5464.42
Payout Ratio25.86%38.68%51.51%64.34%77.17%90.00%92.50%
Projected Dividends (M)17.0025.1933.2041.0648.7556.2959.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.91%5.91%5.91%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)23.5423.7824.02
Year 2 PV (M)29.0129.6030.20
Year 3 PV (M)33.5234.5635.62
Year 4 PV (M)37.2038.7540.34
Year 5 PV (M)40.1542.2444.42
PV of Terminal Value (M)1,460.171,536.211,615.38
Equity Value (M)1,623.601,705.141,789.97
Shares Outstanding (M)17.0117.0117.01
Fair Value$95.45$100.25$105.24
Upside / Downside112.22%122.87%133.96%

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