Definitive Analysis
Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Havas S.A. (HAVAS.AS)

Company Dividend Discount ModelIndustry: Advertising AgenciesSector: Communication Services

Valuation Snapshot

Stable Growth$27.38 - $41.89$34.16
Multi-Stage$61.44 - $67.47$64.40
Blended Fair Value$49.28
Current Price$14.60
Upside237.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%2.060.750.680.290.000.000.000.000.000.00
YoY Growth--176.47%10.39%133.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--12.72%4.10%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)348.00
(-) Cash Dividends Paid (M)314.00
(=) Cash Retained (M)34.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)69.6043.5026.10
Cash Retained (M)34.0034.0034.00
(-) Cash Required (M)-69.60-43.50-26.10
(=) Excess Retained (M)-35.60-9.507.90
(/) Shares Outstanding (M)114.02114.02114.02
(=) Excess Retained per Share-0.31-0.080.07
LTM Dividend per Share2.752.752.75
(+) Excess Retained per Share-0.31-0.080.07
(=) Adjusted Dividend2.442.672.82
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Fair Value$27.38$34.16$41.89
Upside / Downside87.52%133.97%186.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)348.00344.52341.07337.66334.29330.94340.87
Payout Ratio90.23%90.18%90.14%90.09%90.05%90.00%92.50%
Projected Dividends (M)314.00310.70307.44304.21301.01297.85315.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)288.14291.08294.02
Year 2 PV (M)264.41269.84275.32
Year 3 PV (M)242.64250.14257.80
Year 4 PV (M)222.66231.89241.40
Year 5 PV (M)204.32214.96226.04
PV of Terminal Value (M)5,783.496,084.656,398.23
Equity Value (M)7,005.677,342.567,692.81
Shares Outstanding (M)114.02114.02114.02
Fair Value$61.44$64.40$67.47
Upside / Downside320.84%341.08%362.12%

High-Yield Dividend Screener

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