Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Prysmian S.p.A. (PRY.MI)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$664.76 - $783.20$733.97
Multi-Stage$436.30 - $478.84$457.17
Blended Fair Value$595.57
Current Price$84.18
Upside607.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.32%8.54%0.700.550.510.460.230.390.370.320.350.32
YoY Growth--27.85%6.76%12.12%100.00%-41.59%7.62%15.38%-10.78%12.09%2.25%
Dividend Yield--1.40%1.15%1.33%1.48%0.83%2.69%2.19%1.28%1.48%1.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,132.00
(-) Cash Dividends Paid (M)239.00
(=) Cash Retained (M)893.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)226.40141.5084.90
Cash Retained (M)893.00893.00893.00
(-) Cash Required (M)-226.40-141.50-84.90
(=) Excess Retained (M)666.60751.50808.10
(/) Shares Outstanding (M)287.45287.45287.45
(=) Excess Retained per Share2.322.612.81
LTM Dividend per Share0.830.830.83
(+) Excess Retained per Share2.322.612.81
(=) Adjusted Dividend3.153.453.64
WACC / Discount Rate3.00%3.00%3.00%
Growth Rate5.50%6.50%7.50%
Fair Value$664.76$733.97$783.20
Upside / Downside689.69%771.91%830.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,132.001,205.581,283.941,367.401,456.281,550.941,597.47
Payout Ratio21.11%34.89%48.67%62.45%76.22%90.00%92.50%
Projected Dividends (M)239.00420.63624.87853.881,110.011,395.841,477.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.00%3.00%3.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)404.53408.37412.20
Year 2 PV (M)577.95588.96600.07
Year 3 PV (M)759.54781.34803.56
Year 4 PV (M)949.59986.101,023.67
Year 5 PV (M)1,148.401,203.871,261.46
PV of Terminal Value (M)121,571.17127,443.10133,539.77
Equity Value (M)125,411.18131,411.75137,640.73
Shares Outstanding (M)287.45287.45287.45
Fair Value$436.30$457.17$478.84
Upside / Downside418.29%443.09%468.83%

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