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Deutsche Post AG (DHL.DE)

Company Dividend Discount ModelIndustry: Integrated Freight & LogisticsSector: Industrials

Valuation Snapshot

Stable Growth$152.53 - $605.56$414.45
Multi-Stage$88.08 - $96.37$92.15
Blended Fair Value$253.30
Current Price$37.94
Upside567.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.86%8.40%1.881.911.911.451.231.231.221.100.890.89
YoY Growth---1.63%0.00%31.80%17.65%0.21%0.71%10.94%23.66%-0.29%6.40%
Dividend Yield--4.76%4.87%4.43%3.33%2.64%4.96%4.14%3.10%2.77%3.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,538.00
(-) Cash Dividends Paid (M)2,123.00
(=) Cash Retained (M)1,415.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)707.60442.25265.35
Cash Retained (M)1,415.001,415.001,415.00
(-) Cash Required (M)-707.60-442.25-265.35
(=) Excess Retained (M)707.40972.751,149.65
(/) Shares Outstanding (M)1,154.691,154.691,154.69
(=) Excess Retained per Share0.610.841.00
LTM Dividend per Share1.841.841.84
(+) Excess Retained per Share0.610.841.00
(=) Adjusted Dividend2.452.682.83
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate4.83%5.83%6.83%
Fair Value$152.53$414.45$605.56
Upside / Downside302.04%992.37%1,496.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,538.003,744.243,962.514,193.504,437.954,696.664,837.56
Payout Ratio60.01%66.00%72.00%78.00%84.00%90.00%92.50%
Projected Dividends (M)2,123.002,471.372,853.143,271.023,727.934,226.994,474.74

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate4.83%5.83%6.83%
Year 1 PV (M)2,298.312,320.232,342.15
Year 2 PV (M)2,467.542,514.842,562.59
Year 3 PV (M)2,630.842,706.852,784.31
Year 4 PV (M)2,788.362,896.293,007.32
Year 5 PV (M)2,940.243,083.183,231.62
PV of Terminal Value (M)88,576.4592,882.6297,354.65
Equity Value (M)101,701.72106,403.99111,282.65
Shares Outstanding (M)1,154.691,154.691,154.69
Fair Value$88.08$92.15$96.37
Upside / Downside132.15%142.88%154.02%

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