Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Gyldendal ASA (GYL.OL)

Company Dividend Discount ModelIndustry: PublishingSector: Communication Services

Valuation Snapshot

Stable Growth$740.49 - $1,233.26$957.78
Multi-Stage$1,232.23 - $1,355.78$1,292.81
Blended Fair Value$1,125.30
Current Price$424.00
Upside165.40%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.007.3310.4710.477.337.337.337.337.334.19
YoY Growth---100.00%-30.00%0.00%42.85%0.00%0.00%0.00%0.04%75.00%-42.86%
Dividend Yield--0.00%1.47%1.90%1.81%1.37%1.70%1.79%1.99%2.71%1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)139.55
(-) Cash Dividends Paid (M)8.07
(=) Cash Retained (M)131.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.9117.4410.47
Cash Retained (M)131.47131.47131.47
(-) Cash Required (M)-27.91-17.44-10.47
(=) Excess Retained (M)103.56114.03121.00
(/) Shares Outstanding (M)2.202.202.20
(=) Excess Retained per Share47.0151.7654.93
LTM Dividend per Share3.673.673.67
(+) Excess Retained per Share47.0151.7654.93
(=) Adjusted Dividend50.6855.4358.60
WACC / Discount Rate6.97%6.97%6.97%
Growth Rate0.12%1.12%2.12%
Fair Value$740.49$957.78$1,233.26
Upside / Downside74.64%125.89%190.86%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)139.55141.11142.69144.29145.91147.54151.97
Payout Ratio5.79%22.63%39.47%56.31%73.16%90.00%92.50%
Projected Dividends (M)8.0731.9356.3281.26106.74132.79140.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.97%6.97%6.97%
Growth Rate0.12%1.12%2.12%
Year 1 PV (M)29.5629.8530.15
Year 2 PV (M)48.2549.2250.20
Year 3 PV (M)64.4366.3868.37
Year 4 PV (M)78.3481.5284.79
Year 5 PV (M)90.2094.8099.58
PV of Terminal Value (M)2,403.622,526.082,653.48
Equity Value (M)2,714.392,847.842,986.55
Shares Outstanding (M)2.202.202.20
Fair Value$1,232.23$1,292.81$1,355.78
Upside / Downside190.62%204.91%219.76%

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