Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Clinuvel Pharmaceuticals Limited (CUV.AX)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$33.23 - $88.13$50.80
Multi-Stage$22.28 - $24.37$23.31
Blended Fair Value$37.06
Current Price$10.38
Upside256.99%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS15.39%0.00%0.050.050.040.020.020.020.020.000.000.00
YoY Growth--1.37%24.99%60.00%0.00%0.92%27.88%0.00%0.00%0.00%0.00%
Dividend Yield--0.48%0.32%0.22%0.16%0.08%0.09%0.06%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)71.81
(-) Cash Dividends Paid (M)4.97
(=) Cash Retained (M)66.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.368.985.39
Cash Retained (M)66.8366.8366.83
(-) Cash Required (M)-14.36-8.98-5.39
(=) Excess Retained (M)52.4757.8661.45
(/) Shares Outstanding (M)50.6950.6950.69
(=) Excess Retained per Share1.041.141.21
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share1.041.141.21
(=) Adjusted Dividend1.131.241.31
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$33.23$50.80$88.13
Upside / Downside220.09%389.44%749.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)71.8176.4881.4586.7492.3898.38101.34
Payout Ratio6.93%23.54%40.16%56.77%73.39%90.00%92.50%
Projected Dividends (M)4.9718.0032.7149.2467.7988.5593.74

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)16.3516.5016.66
Year 2 PV (M)26.9627.4828.00
Year 3 PV (M)36.8637.9239.00
Year 4 PV (M)46.0847.8549.68
Year 5 PV (M)54.6557.2960.03
PV of Terminal Value (M)948.69994.511,042.08
Equity Value (M)1,129.601,181.561,235.45
Shares Outstanding (M)50.6950.6950.69
Fair Value$22.28$23.31$24.37
Upside / Downside114.67%124.55%134.79%

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