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XTB S.A. (XTB.WA)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$428.64 - $1,360.32$1,274.82
Multi-Stage$187.26 - $204.57$195.76
Blended Fair Value$735.29
Current Price$81.46
Upside802.64%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS96.87%0.00%5.024.851.501.790.240.170.350.320.780.66
YoY Growth--3.46%224.00%-16.20%645.84%41.18%-51.43%9.37%-58.97%18.11%0.00%
Dividend Yield--7.37%8.55%4.73%9.23%1.40%3.69%8.85%5.81%8.49%5.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)804.00
(-) Cash Dividends Paid (M)640.75
(=) Cash Retained (M)163.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)160.80100.5060.30
Cash Retained (M)163.24163.24163.24
(-) Cash Required (M)-160.80-100.50-60.30
(=) Excess Retained (M)2.4462.74102.94
(/) Shares Outstanding (M)117.54117.54117.54
(=) Excess Retained per Share0.020.530.88
LTM Dividend per Share5.455.455.45
(+) Excess Retained per Share0.020.530.88
(=) Adjusted Dividend5.475.996.33
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate5.50%6.50%7.50%
Fair Value$428.64$1,274.82$1,360.32
Upside / Downside426.20%1,464.97%1,569.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)804.00856.26911.91971.191,034.311,101.541,134.59
Payout Ratio79.70%81.76%83.82%85.88%87.94%90.00%92.50%
Projected Dividends (M)640.75700.05764.34834.04909.57991.391,049.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)649.04655.19661.34
Year 2 PV (M)657.01669.52682.15
Year 3 PV (M)664.68683.76703.20
Year 4 PV (M)672.05697.89724.48
Year 5 PV (M)679.13711.93745.99
PV of Terminal Value (M)18,689.0119,591.6920,528.93
Equity Value (M)22,010.9023,009.9824,046.08
Shares Outstanding (M)117.54117.54117.54
Fair Value$187.26$195.76$204.57
Upside / Downside129.88%140.31%151.14%

High-Yield Dividend Screener

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