Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

secunet Security Networks AG (0NWC.L)

Company Dividend Discount ModelIndustry: Software - ServicesSector: Technology

Valuation Snapshot

Stable Growth$409.32 - $1,985.94$878.68
Multi-Stage$229.63 - $250.64$239.95
Blended Fair Value$559.31
Current Price$228.50
Upside144.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.96%31.73%2.362.865.382.541.562.041.200.580.340.27
YoY Growth---17.48%-46.84%111.81%62.82%-23.53%70.00%106.90%70.59%25.93%80.00%
Dividend Yield--2.03%1.96%2.74%0.61%0.63%1.46%1.32%0.61%0.74%1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)64.60
(-) Cash Dividends Paid (M)50.59
(=) Cash Retained (M)14.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.928.084.85
Cash Retained (M)14.0114.0114.01
(-) Cash Required (M)-12.92-8.08-4.85
(=) Excess Retained (M)1.095.949.17
(/) Shares Outstanding (M)6.476.476.47
(=) Excess Retained per Share0.170.921.42
LTM Dividend per Share7.827.827.82
(+) Excess Retained per Share0.170.921.42
(=) Adjusted Dividend7.998.749.24
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate5.50%6.50%7.50%
Fair Value$409.32$878.68$1,985.94
Upside / Downside79.13%284.54%769.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)64.6068.8073.2778.0483.1188.5191.17
Payout Ratio78.31%80.65%82.99%85.32%87.66%90.00%92.50%
Projected Dividends (M)50.5955.4960.8166.5972.8679.6684.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)51.1051.5952.07
Year 2 PV (M)51.5852.5653.55
Year 3 PV (M)52.0253.5155.03
Year 4 PV (M)52.4254.4456.51
Year 5 PV (M)52.7955.3457.98
PV of Terminal Value (M)1,225.721,284.921,346.39
Equity Value (M)1,485.621,552.351,621.54
Shares Outstanding (M)6.476.476.47
Fair Value$229.63$239.95$250.64
Upside / Downside0.50%5.01%9.69%

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