Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nederman Holding AB (publ) (NMAN.ST)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$683.28 - $1,673.45$1,568.27
Multi-Stage$245.42 - $268.52$256.76
Blended Fair Value$912.51
Current Price$160.80
Upside467.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.44%11.50%3.943.743.491.000.002.291.991.831.661.33
YoY Growth--5.40%7.17%249.86%0.00%-100.00%14.96%9.18%10.10%25.05%0.00%
Dividend Yield--1.88%2.12%2.06%0.52%0.00%2.16%1.77%2.27%2.15%1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)296.10
(-) Cash Dividends Paid (M)140.50
(=) Cash Retained (M)155.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)59.2237.0122.21
Cash Retained (M)155.60155.60155.60
(-) Cash Required (M)-59.22-37.01-22.21
(=) Excess Retained (M)96.38118.59133.39
(/) Shares Outstanding (M)35.1935.1935.19
(=) Excess Retained per Share2.743.373.79
LTM Dividend per Share3.993.993.99
(+) Excess Retained per Share2.743.373.79
(=) Adjusted Dividend6.737.367.78
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Fair Value$683.28$1,568.27$1,673.45
Upside / Downside324.93%875.29%940.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)296.10315.35335.84357.67380.92405.68417.85
Payout Ratio47.45%55.96%64.47%72.98%81.49%90.00%92.50%
Projected Dividends (M)140.50176.47216.52261.03310.41365.11386.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)164.08165.64167.19
Year 2 PV (M)187.19190.75194.35
Year 3 PV (M)209.83215.85221.99
Year 4 PV (M)232.01240.94250.11
Year 5 PV (M)253.74266.00278.72
PV of Terminal Value (M)7,589.297,955.868,336.45
Equity Value (M)8,636.159,035.049,448.83
Shares Outstanding (M)35.1935.1935.19
Fair Value$245.42$256.76$268.52
Upside / Downside52.63%59.68%66.99%

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