Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Morrow Bank ASA (MOBA.OL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$8.96 - $13.27$11.02
Multi-Stage$16.49 - $18.13$17.29
Blended Fair Value$14.16
Current Price$14.85
Upside-4.67%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.000.340.000.000.000.000.000.00
YoY Growth--0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%4.52%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)261.30
(-) Cash Dividends Paid (M)92.30
(=) Cash Retained (M)169.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.2632.6619.60
Cash Retained (M)169.00169.00169.00
(-) Cash Required (M)-52.26-32.66-19.60
(=) Excess Retained (M)116.74136.34149.40
(/) Shares Outstanding (M)231.57231.57231.57
(=) Excess Retained per Share0.500.590.65
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.500.590.65
(=) Adjusted Dividend0.900.991.04
WACC / Discount Rate7.87%7.87%7.87%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.96$11.02$13.27
Upside / Downside-39.63%-25.78%-10.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)261.30258.69256.10253.54251.00248.49255.95
Payout Ratio35.32%46.26%57.19%68.13%79.06%90.00%92.50%
Projected Dividends (M)92.30119.67146.47172.73198.46223.64236.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.87%7.87%7.87%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)109.82110.94112.06
Year 2 PV (M)123.35125.88128.44
Year 3 PV (M)133.50137.63141.84
Year 4 PV (M)140.75146.58152.60
Year 5 PV (M)145.56153.14161.03
PV of Terminal Value (M)3,165.243,330.063,501.68
Equity Value (M)3,818.224,004.234,197.65
Shares Outstanding (M)231.57231.57231.57
Fair Value$16.49$17.29$18.13
Upside / Downside11.03%16.44%22.07%

High-Yield Dividend Screener

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