Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jenoptik AG (0ZPV.L)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$33.76 - $95.26$52.59
Multi-Stage$34.92 - $38.30$36.57
Blended Fair Value$44.58
Current Price$30.64
Upside45.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%5.24%0.300.250.250.130.350.300.250.220.200.20
YoY Growth--19.99%0.00%92.31%-62.86%16.67%19.99%13.64%10.00%0.00%11.10%
Dividend Yield--0.98%0.79%0.90%0.51%2.33%0.89%0.87%0.95%1.44%1.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)80.33
(-) Cash Dividends Paid (M)20.03
(=) Cash Retained (M)60.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.0710.046.02
Cash Retained (M)60.3060.3060.30
(-) Cash Required (M)-16.07-10.04-6.02
(=) Excess Retained (M)44.2350.2654.27
(/) Shares Outstanding (M)57.2357.2357.23
(=) Excess Retained per Share0.770.880.95
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share0.770.880.95
(=) Adjusted Dividend1.121.231.30
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.24%4.24%5.24%
Fair Value$33.76$52.59$95.26
Upside / Downside10.17%71.64%210.88%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)80.3383.7487.2990.9994.8598.87101.84
Payout Ratio24.94%37.95%50.96%63.98%76.99%90.00%92.50%
Projected Dividends (M)20.0331.7844.4858.2173.0288.9894.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.24%4.24%5.24%
Year 1 PV (M)29.5029.7930.08
Year 2 PV (M)38.3439.0939.84
Year 3 PV (M)46.5947.9549.35
Year 4 PV (M)54.2656.3958.58
Year 5 PV (M)61.3864.4267.57
PV of Terminal Value (M)1,768.201,855.511,946.23
Equity Value (M)1,998.272,093.142,191.65
Shares Outstanding (M)57.2357.2357.23
Fair Value$34.92$36.57$38.30
Upside / Downside13.96%19.37%24.99%

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