Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Leonardo S.p.A. (LDO.MI)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$52.47 - $124.27$77.38
Multi-Stage$37.63 - $41.07$39.32
Blended Fair Value$58.35
Current Price$47.78
Upside22.12%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.21%25.00%0.310.140.140.000.140.140.140.140.010.00
YoY Growth--118.52%2.53%0.00%-100.00%0.00%-1.23%0.00%1,925.00%0.00%-100.00%
Dividend Yield--1.19%0.94%1.70%0.00%2.35%1.33%1.83%1.40%0.05%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,425.00
(-) Cash Dividends Paid (M)482.00
(=) Cash Retained (M)943.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)285.00178.13106.88
Cash Retained (M)943.00943.00943.00
(-) Cash Required (M)-285.00-178.13-106.88
(=) Excess Retained (M)658.00764.88836.13
(/) Shares Outstanding (M)575.92575.92575.92
(=) Excess Retained per Share1.141.331.45
LTM Dividend per Share0.840.840.84
(+) Excess Retained per Share1.141.331.45
(=) Adjusted Dividend1.982.172.29
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate5.50%6.50%7.50%
Fair Value$52.47$77.38$124.27
Upside / Downside9.82%61.95%160.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,425.001,517.631,616.271,721.331,833.211,952.372,010.94
Payout Ratio33.82%45.06%56.29%67.53%78.76%90.00%92.50%
Projected Dividends (M)482.00683.84909.881,162.411,443.931,757.141,860.12

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)618.76624.62630.49
Year 2 PV (M)744.94759.13773.45
Year 3 PV (M)861.12885.84911.03
Year 4 PV (M)967.881,005.101,043.39
Year 5 PV (M)1,065.741,117.211,170.66
PV of Terminal Value (M)17,411.0418,252.0019,125.15
Equity Value (M)21,669.4822,643.9123,654.16
Shares Outstanding (M)575.92575.92575.92
Fair Value$37.63$39.32$41.07
Upside / Downside-21.25%-17.71%-14.04%

High-Yield Dividend Screener

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