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Carlo Gavazzi Holding AG (0QL5.L)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$190.64 - $267.47$228.85
Multi-Stage$530.83 - $585.61$557.66
Blended Fair Value$393.25
Current Price$199.50
Upside97.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-7.79%-3.98%8.0012.0012.0012.000.0012.0012.0015.0012.0012.00
YoY Growth---33.35%0.00%0.01%0.00%-100.00%0.00%-20.00%25.00%0.00%0.00%
Dividend Yield--4.01%3.65%3.87%4.30%0.00%5.88%4.69%4.66%4.15%5.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22.75
(-) Cash Dividends Paid (M)14.22
(=) Cash Retained (M)8.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.552.841.71
Cash Retained (M)8.538.538.53
(-) Cash Required (M)-4.55-2.84-1.71
(=) Excess Retained (M)3.985.696.83
(/) Shares Outstanding (M)0.710.710.71
(=) Excess Retained per Share5.608.019.61
LTM Dividend per Share20.0020.0020.00
(+) Excess Retained per Share5.608.019.61
(=) Adjusted Dividend25.6128.0129.61
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate-5.98%-4.98%-3.98%
Fair Value$190.64$228.85$267.47
Upside / Downside-4.44%14.71%34.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22.7521.6220.5419.5218.5517.6318.15
Payout Ratio62.49%67.99%73.49%79.00%84.50%90.00%92.50%
Projected Dividends (M)14.2214.7015.1015.4215.6715.8616.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate-5.98%-4.98%-3.98%
Year 1 PV (M)13.6413.7813.93
Year 2 PV (M)12.9913.2713.55
Year 3 PV (M)12.3112.7113.12
Year 4 PV (M)11.6112.1112.63
Year 5 PV (M)10.9011.4912.11
PV of Terminal Value (M)315.81332.97350.86
Equity Value (M)377.27396.34416.20
Shares Outstanding (M)0.710.710.71
Fair Value$530.83$557.66$585.61
Upside / Downside166.08%179.53%193.54%

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