Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

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Sector

Terveystalo Oyj (TTALO.HE)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$16.82 - $47.31$26.18
Multi-Stage$17.18 - $18.81$17.98
Blended Fair Value$22.08
Current Price$11.46
Upside92.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.31%0.00%0.300.280.280.260.130.200.000.000.000.00
YoY Growth--7.34%0.00%6.95%100.61%-35.29%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.59%3.69%3.95%2.31%1.09%2.46%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)89.30
(-) Cash Dividends Paid (M)49.40
(=) Cash Retained (M)39.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.8611.166.70
Cash Retained (M)39.9039.9039.90
(-) Cash Required (M)-17.86-11.16-6.70
(=) Excess Retained (M)22.0428.7433.20
(/) Shares Outstanding (M)127.61127.61127.61
(=) Excess Retained per Share0.170.230.26
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share0.170.230.26
(=) Adjusted Dividend0.560.610.65
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate3.39%4.39%5.39%
Fair Value$16.82$26.18$47.31
Upside / Downside46.74%128.41%312.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)89.3093.2297.31101.58106.04110.69114.01
Payout Ratio55.32%62.26%69.19%76.13%83.06%90.00%92.50%
Projected Dividends (M)49.4058.0367.3377.3388.0899.62105.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate3.39%4.39%5.39%
Year 1 PV (M)53.8054.3254.84
Year 2 PV (M)57.8759.0060.13
Year 3 PV (M)61.6263.4365.27
Year 4 PV (M)65.0767.6270.25
Year 5 PV (M)68.2371.5975.09
PV of Terminal Value (M)1,885.491,978.462,075.05
Equity Value (M)2,192.082,294.422,400.64
Shares Outstanding (M)127.61127.61127.61
Fair Value$17.18$17.98$18.81
Upside / Downside49.90%56.90%64.16%

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