Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Siemens Healthineers AG (0PMJ.L)

Company Dividend Discount ModelIndustry: Medical - Equipment & ServicesSector: Healthcare

Valuation Snapshot

Stable Growth$102.85 - $378.92$315.07
Multi-Stage$48.22 - $52.72$50.43
Blended Fair Value$182.75
Current Price$46.02
Upside297.11%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS5.96%21.83%0.950.940.950.850.760.710.620.200.310.34
YoY Growth--0.28%-0.28%11.62%11.57%7.27%14.16%203.91%-34.66%-6.63%154.73%
Dividend Yield--2.06%1.85%1.80%1.82%1.16%1.69%1.45%0.56%1.04%1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,144.00
(-) Cash Dividends Paid (M)1,066.00
(=) Cash Retained (M)1,078.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)428.80268.00160.80
Cash Retained (M)1,078.001,078.001,078.00
(-) Cash Required (M)-428.80-268.00-160.80
(=) Excess Retained (M)649.20810.00917.20
(/) Shares Outstanding (M)1,125.271,125.271,125.27
(=) Excess Retained per Share0.580.720.82
LTM Dividend per Share0.950.950.95
(+) Excess Retained per Share0.580.720.82
(=) Adjusted Dividend1.521.671.76
WACC / Discount Rate7.06%7.06%7.06%
Growth Rate5.50%6.50%7.50%
Fair Value$102.85$315.07$378.92
Upside / Downside123.49%584.64%723.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,144.002,283.362,431.782,589.842,758.182,937.473,025.59
Payout Ratio49.72%57.78%65.83%73.89%81.94%90.00%92.50%
Projected Dividends (M)1,066.001,319.241,600.891,913.592,260.172,643.722,798.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.06%7.06%7.06%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,220.631,232.201,243.77
Year 2 PV (M)1,370.521,396.621,422.97
Year 3 PV (M)1,515.761,559.281,603.61
Year 4 PV (M)1,656.481,720.181,785.70
Year 5 PV (M)1,792.761,879.351,969.25
PV of Terminal Value (M)46,704.0348,959.8551,302.01
Equity Value (M)54,260.1856,747.4859,327.32
Shares Outstanding (M)1,125.271,125.271,125.27
Fair Value$48.22$50.43$52.72
Upside / Downside4.78%9.58%14.56%

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