Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

RaySearch Laboratories AB (publ) (RAY-B.ST)

Company Dividend Discount ModelIndustry: Medical - Healthcare Information ServicesSector: Healthcare

Valuation Snapshot

Stable Growth$217.57 - $1,272.33$402.35
Multi-Stage$130.53 - $142.60$136.45
Blended Fair Value$269.40
Current Price$252.00
Upside6.91%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%2.000.000.000.000.000.000.000.000.250.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%0.00%0.00%
Dividend Yield--0.89%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.11%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)219.17
(-) Cash Dividends Paid (M)102.90
(=) Cash Retained (M)116.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.8327.4016.44
Cash Retained (M)116.27116.27116.27
(-) Cash Required (M)-43.83-27.40-16.44
(=) Excess Retained (M)72.4488.8799.83
(/) Shares Outstanding (M)34.2634.2634.26
(=) Excess Retained per Share2.112.592.91
LTM Dividend per Share3.003.003.00
(+) Excess Retained per Share2.112.592.91
(=) Adjusted Dividend5.125.605.92
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate5.50%6.50%7.50%
Fair Value$217.57$402.35$1,272.33
Upside / Downside-13.66%59.66%404.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)219.17233.41248.58264.74281.95300.28309.28
Payout Ratio46.95%55.56%64.17%72.78%81.39%90.00%92.50%
Projected Dividends (M)102.90129.68159.51192.68229.48270.25286.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)118.97120.10121.22
Year 2 PV (M)134.25136.80139.38
Year 3 PV (M)148.76153.03157.38
Year 4 PV (M)162.54168.79175.22
Year 5 PV (M)175.60184.08192.89
PV of Terminal Value (M)3,731.463,911.694,098.82
Equity Value (M)4,471.574,674.494,884.92
Shares Outstanding (M)34.2634.2634.26
Fair Value$130.53$136.45$142.60
Upside / Downside-48.20%-45.85%-43.41%

High-Yield Dividend Screener

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