Definitive Analysis
Definitive Analysis

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E.on Se (EOAN.DE)

Company Dividend Discount ModelIndustry: Diversified UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$97.32 - $228.43$214.07
Multi-Stage$33.94 - $37.14$35.51
Blended Fair Value$124.79
Current Price$16.02
Upside678.96%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.23%5.12%0.530.510.490.470.460.360.250.130.370.27
YoY Growth--3.98%4.15%4.33%2.17%28.65%43.38%88.41%-64.65%38.24%-15.95%
Dividend Yield--3.79%3.99%4.25%4.45%4.63%3.78%2.53%1.46%5.01%3.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,001.00
(-) Cash Dividends Paid (M)1,437.00
(=) Cash Retained (M)1,564.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)600.20375.13225.08
Cash Retained (M)1,564.001,564.001,564.00
(-) Cash Required (M)-600.20-375.13-225.08
(=) Excess Retained (M)963.801,188.881,338.93
(/) Shares Outstanding (M)2,612.752,612.752,612.75
(=) Excess Retained per Share0.370.460.51
LTM Dividend per Share0.550.550.55
(+) Excess Retained per Share0.370.460.51
(=) Adjusted Dividend0.921.011.06
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Fair Value$97.32$214.07$228.43
Upside / Downside507.51%1,236.27%1,325.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,001.003,196.073,403.813,625.063,860.694,111.634,234.98
Payout Ratio47.88%56.31%64.73%73.15%81.58%90.00%92.50%
Projected Dividends (M)1,437.001,799.622,203.302,651.863,149.423,700.473,917.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,673.981,689.841,705.71
Year 2 PV (M)1,906.391,942.701,979.36
Year 3 PV (M)2,134.312,195.582,258.01
Year 4 PV (M)2,357.812,448.482,541.75
Year 5 PV (M)2,576.932,701.402,830.63
PV of Terminal Value (M)78,029.3881,798.2385,711.32
Equity Value (M)88,678.8092,776.2397,026.77
Shares Outstanding (M)2,612.752,612.752,612.75
Fair Value$33.94$35.51$37.14
Upside / Downside111.87%121.65%131.81%

High-Yield Dividend Screener

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