Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

SPIE S.a. (SPIE.PA)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$202.51 - $503.52$471.87
Multi-Stage$78.56 - $85.84$82.13
Blended Fair Value$277.00
Current Price$47.70
Upside480.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.72%0.00%0.860.760.630.540.000.540.530.630.460.00
YoY Growth--13.27%19.67%16.01%0.00%-100.00%2.49%-17.16%38.00%0.00%0.00%
Dividend Yield--2.85%2.68%2.59%2.40%0.00%2.96%4.53%2.91%2.30%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)425.16
(-) Cash Dividends Paid (M)407.59
(=) Cash Retained (M)17.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)85.0353.1431.89
Cash Retained (M)17.5717.5717.57
(-) Cash Required (M)-85.03-53.14-31.89
(=) Excess Retained (M)-67.46-35.58-14.32
(/) Shares Outstanding (M)167.71167.71167.71
(=) Excess Retained per Share-0.40-0.21-0.09
LTM Dividend per Share2.432.432.43
(+) Excess Retained per Share-0.40-0.21-0.09
(=) Adjusted Dividend2.032.222.34
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.36%6.36%7.36%
Fair Value$202.51$471.87$503.52
Upside / Downside324.54%889.25%955.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)425.16452.22481.00511.61544.17578.81596.17
Payout Ratio95.87%94.69%93.52%92.35%91.17%90.00%92.50%
Projected Dividends (M)407.59428.23449.83472.46496.14520.93551.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.36%6.36%7.36%
Year 1 PV (M)398.61402.39406.18
Year 2 PV (M)389.77397.20404.70
Year 3 PV (M)381.06392.01403.17
Year 4 PV (M)372.48386.83401.58
Year 5 PV (M)364.04381.65399.93
PV of Terminal Value (M)11,269.2711,814.2912,380.20
Equity Value (M)13,175.2313,774.3714,395.76
Shares Outstanding (M)167.71167.71167.71
Fair Value$78.56$82.13$85.84
Upside / Downside64.69%72.18%79.95%

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