Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Catering International & Services S.A. (ALCIS.PA)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$24.94 - $56.07$36.14
Multi-Stage$24.61 - $26.96$25.77
Blended Fair Value$30.95
Current Price$9.58
Upside223.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.50%1.90%0.160.160.160.000.000.120.110.060.120.19
YoY Growth---1.33%0.00%0.00%0.00%-100.00%9.04%83.61%-50.05%-33.31%38.47%
Dividend Yield--1.74%1.85%1.70%0.00%0.00%0.93%1.24%0.36%0.73%1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9.86
(-) Cash Dividends Paid (M)2.63
(=) Cash Retained (M)7.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.971.230.74
Cash Retained (M)7.237.237.23
(-) Cash Required (M)-1.97-1.23-0.74
(=) Excess Retained (M)5.266.006.49
(/) Shares Outstanding (M)7.797.797.79
(=) Excess Retained per Share0.680.770.83
LTM Dividend per Share0.340.340.34
(+) Excess Retained per Share0.680.770.83
(=) Adjusted Dividend1.011.111.17
WACC / Discount Rate7.70%7.70%7.70%
Growth Rate3.50%4.50%5.50%
Fair Value$24.94$36.14$56.07
Upside / Downside160.31%277.21%485.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.8610.3010.7611.2511.7512.2812.65
Payout Ratio26.64%39.31%51.98%64.66%77.33%90.00%92.50%
Projected Dividends (M)2.634.055.607.279.0911.0511.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.70%7.70%7.70%
Growth Rate3.50%4.50%5.50%
Year 1 PV (M)3.723.763.80
Year 2 PV (M)4.734.824.92
Year 3 PV (M)5.665.825.99
Year 4 PV (M)6.506.767.02
Year 5 PV (M)7.277.638.00
PV of Terminal Value (M)163.78171.84180.22
Equity Value (M)191.66200.63209.94
Shares Outstanding (M)7.797.797.79
Fair Value$24.61$25.77$26.96
Upside / Downside156.93%168.95%181.44%

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