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STEF S.a. (0NY3.L)

Company Dividend Discount ModelIndustry: General TransportationSector: Industrials

Valuation Snapshot

Stable Growth$1,103.71 - $4,085.75$3,353.09
Multi-Stage$547.80 - $599.33$573.09
Blended Fair Value$1,963.09
Current Price$131.20
Upside1,396.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS15.68%12.65%5.063.942.952.451.472.442.392.191.891.66
YoY Growth--28.61%33.44%20.37%66.77%-39.87%2.12%9.33%15.57%14.08%7.90%
Dividend Yield--3.86%3.45%3.26%2.40%2.02%3.04%3.11%2.34%2.37%2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)260.08
(-) Cash Dividends Paid (M)116.43
(=) Cash Retained (M)143.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.0232.5119.51
Cash Retained (M)143.65143.65143.65
(-) Cash Required (M)-52.02-32.51-19.51
(=) Excess Retained (M)91.63111.14124.14
(/) Shares Outstanding (M)12.6312.6312.63
(=) Excess Retained per Share7.268.809.83
LTM Dividend per Share9.229.229.22
(+) Excess Retained per Share7.268.809.83
(=) Adjusted Dividend16.4718.0219.05
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate5.25%6.25%7.25%
Fair Value$1,103.71$3,353.09$4,085.75
Upside / Downside741.24%2,455.71%3,014.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)260.08276.32293.58311.92331.41352.11362.67
Payout Ratio44.77%53.81%62.86%71.91%80.95%90.00%92.50%
Projected Dividends (M)116.43148.70184.55224.29268.29316.90335.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate5.25%6.25%7.25%
Year 1 PV (M)137.90139.21140.52
Year 2 PV (M)158.71161.74164.80
Year 3 PV (M)178.88184.03189.27
Year 4 PV (M)198.43206.07213.94
Year 5 PV (M)217.36227.88238.81
PV of Terminal Value (M)6,027.086,318.906,621.92
Equity Value (M)6,918.357,237.837,569.27
Shares Outstanding (M)12.6312.6312.63
Fair Value$547.80$573.09$599.33
Upside / Downside317.53%336.81%356.81%

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