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MPC Münchmeyer Petersen Capital AG (MPCK.DE)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$8.56 - $12.93$10.62
Multi-Stage$17.70 - $19.46$18.56
Blended Fair Value$14.59
Current Price$4.86
Upside200.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS71.26%0.00%0.260.190.120.000.040.020.020.000.000.00
YoY Growth--34.99%66.67%0.00%-100.00%152.01%-2.56%0.00%0.00%0.00%0.00%
Dividend Yield--4.94%6.51%4.00%0.00%2.38%0.83%0.66%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)36.21
(-) Cash Dividends Paid (M)21.96
(=) Cash Retained (M)14.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.244.532.72
Cash Retained (M)14.2514.2514.25
(-) Cash Required (M)-7.24-4.53-2.72
(=) Excess Retained (M)7.019.7211.54
(/) Shares Outstanding (M)36.3436.3436.34
(=) Excess Retained per Share0.190.270.32
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share0.190.270.32
(=) Adjusted Dividend0.800.870.92
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.56$10.62$12.93
Upside / Downside76.12%118.54%166.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)36.2135.8535.4935.1334.7834.4435.47
Payout Ratio60.64%66.51%72.39%78.26%84.13%90.00%92.50%
Projected Dividends (M)21.9623.8425.6927.5029.2630.9932.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)22.0322.2622.48
Year 2 PV (M)21.9322.3822.84
Year 3 PV (M)21.6922.3623.05
Year 4 PV (M)21.3322.2223.13
Year 5 PV (M)20.8821.9723.10
PV of Terminal Value (M)535.43563.32592.35
Equity Value (M)643.31674.51706.94
Shares Outstanding (M)36.3436.3436.34
Fair Value$17.70$18.56$19.46
Upside / Downside264.30%281.96%300.33%

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