Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Industrie De Nora S.p.A. (DNR.MI)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$4.46 - $7.01$5.63
Multi-Stage$10.76 - $11.86$11.30
Blended Fair Value$8.47
Current Price$7.39
Upside14.58%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.120.120.100.300.000.000.000.000.000.00
YoY Growth--0.97%21.29%-66.67%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.98%0.95%0.54%2.34%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)91.12
(-) Cash Dividends Paid (M)20.72
(=) Cash Retained (M)70.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.2211.396.83
Cash Retained (M)70.4070.4070.40
(-) Cash Required (M)-18.22-11.39-6.83
(=) Excess Retained (M)52.1859.0163.57
(/) Shares Outstanding (M)198.83198.83198.83
(=) Excess Retained per Share0.260.300.32
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.260.300.32
(=) Adjusted Dividend0.370.400.42
WACC / Discount Rate6.05%6.05%6.05%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.46$5.63$7.01
Upside / Downside-39.59%-23.78%-5.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)91.1290.2189.3188.4287.5386.6689.26
Payout Ratio22.74%36.19%49.64%63.10%76.55%90.00%92.50%
Projected Dividends (M)20.7232.6544.3455.7967.0077.9982.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.05%6.05%6.05%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)30.4730.7931.10
Year 2 PV (M)38.6339.4240.22
Year 3 PV (M)45.3746.7748.21
Year 4 PV (M)50.8752.9855.15
Year 5 PV (M)55.2758.1561.14
PV of Terminal Value (M)1,919.282,019.222,123.29
Equity Value (M)2,139.892,247.332,359.10
Shares Outstanding (M)198.83198.83198.83
Fair Value$10.76$11.30$11.86
Upside / Downside45.63%52.94%60.55%

High-Yield Dividend Screener

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