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SIG Group AG (SIGN.SW)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$129.38 - $247.72$232.15
Multi-Stage$39.76 - $43.46$41.58
Blended Fair Value$136.86
Current Price$15.68
Upside772.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS13.66%0.00%0.490.470.390.340.300.260.000.000.000.00
YoY Growth--4.22%21.84%15.46%11.59%15.96%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.58%2.26%1.90%1.37%1.58%1.82%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)476.10
(-) Cash Dividends Paid (M)390.50
(=) Cash Retained (M)85.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)95.2259.5135.71
Cash Retained (M)85.6085.6085.60
(-) Cash Required (M)-95.22-59.51-35.71
(=) Excess Retained (M)-9.6226.0949.89
(/) Shares Outstanding (M)382.23382.23382.23
(=) Excess Retained per Share-0.030.070.13
LTM Dividend per Share1.021.021.02
(+) Excess Retained per Share-0.030.070.13
(=) Adjusted Dividend1.001.091.15
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Fair Value$129.38$232.15$247.72
Upside / Downside725.14%1,380.52%1,479.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)476.10507.05540.00575.10612.49652.30671.87
Payout Ratio82.02%83.62%85.21%86.81%88.40%90.00%92.50%
Projected Dividends (M)390.50423.97460.15499.24541.46587.07621.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)395.06398.80402.54
Year 2 PV (M)399.52407.13414.81
Year 3 PV (M)403.89415.48427.30
Year 4 PV (M)408.17423.87440.01
Year 5 PV (M)412.36432.28452.96
PV of Terminal Value (M)13,178.2113,814.7214,475.60
Equity Value (M)15,197.2115,892.2916,613.23
Shares Outstanding (M)382.23382.23382.23
Fair Value$39.76$41.58$43.46
Upside / Downside153.57%165.16%177.19%

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