Definitive Analysis
Definitive Analysis

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Melhus Sparebank (MELG.OL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$2,933.90 - $10,587.26$9,334.79
Multi-Stage$1,333.25 - $1,459.20$1,395.07
Blended Fair Value$5,364.93
Current Price$168.98
Upside3,074.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.79%10.33%12.5011.0010.507.0010.009.008.507.064.684.95
YoY Growth--13.64%4.76%49.99%-30.00%11.11%5.88%20.39%50.99%-5.55%5.88%
Dividend Yield--7.49%7.01%6.73%4.24%6.94%7.09%6.91%5.98%4.08%4.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)147.79
(-) Cash Dividends Paid (M)37.48
(=) Cash Retained (M)110.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.5618.4711.08
Cash Retained (M)110.31110.31110.31
(-) Cash Required (M)-29.56-18.47-11.08
(=) Excess Retained (M)80.7591.8499.22
(/) Shares Outstanding (M)2.782.782.78
(=) Excess Retained per Share29.0933.0835.74
LTM Dividend per Share13.5013.5013.50
(+) Excess Retained per Share29.0933.0835.74
(=) Adjusted Dividend42.5946.5849.24
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Fair Value$2,933.90$9,334.79$10,587.26
Upside / Downside1,636.24%5,424.20%6,165.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)147.79157.39167.62178.52190.12202.48208.56
Payout Ratio25.36%38.29%51.22%64.14%77.07%90.00%92.50%
Projected Dividends (M)37.4860.2685.85114.51146.53182.23192.92

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)55.7856.3056.83
Year 2 PV (M)73.5474.9476.36
Year 3 PV (M)90.7993.3996.05
Year 4 PV (M)107.52111.66115.91
Year 5 PV (M)123.76129.74135.95
PV of Terminal Value (M)3,249.853,406.823,569.79
Equity Value (M)3,701.233,872.854,050.89
Shares Outstanding (M)2.782.782.78
Fair Value$1,333.25$1,395.07$1,459.20
Upside / Downside689.00%725.58%763.53%

High-Yield Dividend Screener

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