Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Netcare Limited (NTC.JO)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$26.21 - $41.76$33.28
Multi-Stage$41.77 - $45.80$43.75
Blended Fair Value$38.51
Current Price$14.22
Upside170.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.16%-2.03%0.750.000.640.570.000.681.571.091.020.98
YoY Growth--0.00%-100.00%10.99%0.00%-100.00%-56.91%43.80%7.10%3.68%6.38%
Dividend Yield--5.29%0.00%4.70%4.16%0.00%5.23%8.94%4.58%4.28%2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,201.00
(-) Cash Dividends Paid (M)1,807.00
(=) Cash Retained (M)1,394.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)640.20400.13240.08
Cash Retained (M)1,394.001,394.001,394.00
(-) Cash Required (M)-640.20-400.13-240.08
(=) Excess Retained (M)753.80993.881,153.93
(/) Shares Outstanding (M)1,272.201,272.201,272.20
(=) Excess Retained per Share0.590.780.91
LTM Dividend per Share1.421.421.42
(+) Excess Retained per Share0.590.780.91
(=) Adjusted Dividend2.012.202.33
WACC / Discount Rate7.85%7.85%7.85%
Growth Rate0.16%1.16%2.16%
Fair Value$26.21$33.28$41.76
Upside / Downside84.30%134.00%193.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,201.003,238.153,275.723,313.733,352.193,391.093,492.82
Payout Ratio56.45%63.16%69.87%76.58%83.29%90.00%92.50%
Projected Dividends (M)1,807.002,045.242,288.772,537.672,792.043,051.983,230.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.85%7.85%7.85%
Growth Rate0.16%1.16%2.16%
Year 1 PV (M)1,877.571,896.311,915.06
Year 2 PV (M)1,928.881,967.582,006.68
Year 3 PV (M)1,963.312,022.712,083.29
Year 4 PV (M)1,983.022,063.412,146.22
Year 5 PV (M)1,989.932,091.272,196.70
PV of Terminal Value (M)43,403.0345,613.4047,912.93
Equity Value (M)53,145.7455,654.6958,260.87
Shares Outstanding (M)1,272.201,272.201,272.20
Fair Value$41.77$43.75$45.80
Upside / Downside193.77%207.64%222.05%

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