Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Extendicare Inc. (0S9E.L)

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

Valuation Snapshot

Stable Growth$17.82 - $38.51$25.47
Multi-Stage$18.63 - $20.39$19.49
Blended Fair Value$22.48
Current Price$14.14
Upside58.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.46%1.17%0.460.460.490.490.470.420.430.430.410.41
YoY Growth---1.02%-4.98%-1.03%4.20%10.87%-0.55%-0.22%3.83%1.44%-0.04%
Dividend Yield--3.54%6.13%7.58%6.24%6.11%7.34%5.67%4.96%4.08%4.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)83.18
(-) Cash Dividends Paid (M)40.61
(=) Cash Retained (M)42.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.6410.406.24
Cash Retained (M)42.5742.5742.57
(-) Cash Required (M)-16.64-10.40-6.24
(=) Excess Retained (M)25.9432.1736.33
(/) Shares Outstanding (M)87.7187.7187.71
(=) Excess Retained per Share0.300.370.41
LTM Dividend per Share0.460.460.46
(+) Excess Retained per Share0.300.370.41
(=) Adjusted Dividend0.760.830.88
WACC / Discount Rate7.71%7.71%7.71%
Growth Rate3.31%4.31%5.31%
Fair Value$17.82$25.47$38.51
Upside / Downside26.02%80.12%172.37%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)83.1886.7790.5194.4198.48102.72105.81
Payout Ratio48.82%57.06%65.29%73.53%81.76%90.00%92.50%
Projected Dividends (M)40.6149.5159.0969.4280.5292.4597.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.71%7.71%7.71%
Growth Rate3.31%4.31%5.31%
Year 1 PV (M)45.5245.9646.40
Year 2 PV (M)49.9750.9451.92
Year 3 PV (M)53.9755.5557.17
Year 4 PV (M)57.5659.8362.15
Year 5 PV (M)60.7863.7766.89
PV of Terminal Value (M)1,366.091,433.501,503.54
Equity Value (M)1,633.891,709.551,788.07
Shares Outstanding (M)87.7187.7187.71
Fair Value$18.63$19.49$20.39
Upside / Downside31.74%37.84%44.17%

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