Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

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Sector

Veidekke ASA (VEI.OL)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$967.66 - $2,097.17$1,965.36
Multi-Stage$327.55 - $357.93$342.46
Blended Fair Value$1,153.91
Current Price$162.00
Upside612.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.77%10.27%8.338.177.386.0623.725.235.224.704.183.66
YoY Growth--1.91%10.69%21.78%-74.45%353.96%0.15%10.96%12.52%14.32%16.71%
Dividend Yield--5.67%7.10%6.64%4.95%20.00%6.00%5.87%5.36%3.70%3.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,350.00
(-) Cash Dividends Paid (M)1,215.00
(=) Cash Retained (M)135.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)270.00168.75101.25
Cash Retained (M)135.00135.00135.00
(-) Cash Required (M)-270.00-168.75-101.25
(=) Excess Retained (M)-135.00-33.7533.75
(/) Shares Outstanding (M)128.02128.02128.02
(=) Excess Retained per Share-1.05-0.260.26
LTM Dividend per Share9.499.499.49
(+) Excess Retained per Share-1.05-0.260.26
(=) Adjusted Dividend8.449.239.75
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.50%6.50%7.50%
Fair Value$967.66$1,965.36$2,097.17
Upside / Downside497.32%1,113.18%1,194.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,350.001,437.751,531.201,630.731,736.731,849.621,905.11
Payout Ratio90.00%90.00%90.00%90.00%90.00%90.00%92.50%
Projected Dividends (M)1,215.001,293.981,378.081,467.661,563.061,664.661,762.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,204.501,215.921,227.33
Year 2 PV (M)1,194.091,216.831,239.79
Year 3 PV (M)1,183.771,217.751,252.38
Year 4 PV (M)1,173.541,218.671,265.09
Year 5 PV (M)1,163.401,219.591,277.93
PV of Terminal Value (M)36,013.7837,753.2639,559.32
Equity Value (M)41,933.0743,842.0245,821.84
Shares Outstanding (M)128.02128.02128.02
Fair Value$327.55$342.46$357.93
Upside / Downside102.19%111.40%120.94%

High-Yield Dividend Screener

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