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NRJ Group S.A. (NRG.PA)

Company Dividend Discount ModelIndustry: BroadcastingSector: Communication Services

Valuation Snapshot

Stable Growth$10.07 - $15.99$12.77
Multi-Stage$20.51 - $22.54$21.51
Blended Fair Value$17.14
Current Price$7.32
Upside134.10%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.86%0.00%0.340.260.210.210.000.170.150.000.000.00
YoY Growth--30.80%23.86%-0.02%0.00%-100.00%13.36%0.00%0.00%0.00%0.00%
Dividend Yield--4.86%3.53%3.10%3.74%0.00%2.54%2.02%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)76.42
(-) Cash Dividends Paid (M)48.76
(=) Cash Retained (M)27.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.289.555.73
Cash Retained (M)27.6627.6627.66
(-) Cash Required (M)-15.28-9.55-5.73
(=) Excess Retained (M)12.3718.1121.93
(/) Shares Outstanding (M)77.4077.4077.40
(=) Excess Retained per Share0.160.230.28
LTM Dividend per Share0.630.630.63
(+) Excess Retained per Share0.160.230.28
(=) Adjusted Dividend0.790.860.91
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate-1.06%-0.06%0.94%
Fair Value$10.07$12.77$15.99
Upside / Downside37.51%74.39%118.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)76.4276.3776.3376.2976.2476.2078.48
Payout Ratio63.81%69.05%74.28%79.52%84.76%90.00%92.50%
Projected Dividends (M)48.7652.7356.7060.6764.6268.5872.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate-1.06%-0.06%0.94%
Year 1 PV (M)48.9349.4249.91
Year 2 PV (M)48.8149.8050.80
Year 3 PV (M)48.4549.9351.45
Year 4 PV (M)47.8849.8551.87
Year 5 PV (M)47.1449.5752.10
PV of Terminal Value (M)1,346.631,416.081,488.35
Equity Value (M)1,587.841,664.651,744.49
Shares Outstanding (M)77.4077.4077.40
Fair Value$20.51$21.51$22.54
Upside / Downside180.25%193.81%207.90%

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