Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Investor AB (publ) (INVE-A.ST)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$797.49 - $4,569.60$1,495.54
Multi-Stage$462.64 - $506.04$483.94
Blended Fair Value$989.74
Current Price$294.05
Upside236.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.13%9.22%4.804.414.013.502.253.253.002.752.492.24
YoY Growth--8.93%9.87%14.59%55.64%-30.75%8.38%9.13%10.16%11.36%12.60%
Dividend Yield--1.61%1.64%1.95%1.70%1.29%2.84%2.80%2.97%2.64%3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)70,398.00
(-) Cash Dividends Paid (M)15,165.00
(=) Cash Retained (M)55,233.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14,079.608,799.755,279.85
Cash Retained (M)55,233.0055,233.0055,233.00
(-) Cash Required (M)-14,079.60-8,799.75-5,279.85
(=) Excess Retained (M)41,153.4046,433.2549,953.15
(/) Shares Outstanding (M)3,063.813,063.813,063.81
(=) Excess Retained per Share13.4315.1616.30
LTM Dividend per Share4.954.954.95
(+) Excess Retained per Share13.4315.1616.30
(=) Adjusted Dividend18.3820.1121.25
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate5.50%6.50%7.50%
Fair Value$797.49$1,495.54$4,569.60
Upside / Downside171.21%408.60%1,454.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)70,398.0074,973.8779,847.1785,037.2490,564.6696,451.3699,344.90
Payout Ratio21.54%35.23%48.93%62.62%76.31%90.00%92.50%
Projected Dividends (M)15,165.0026,415.8839,065.3053,247.5369,108.4186,806.2291,894.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)24,244.8124,474.6224,704.43
Year 2 PV (M)32,907.7833,534.5834,167.30
Year 3 PV (M)41,168.0942,349.8843,554.07
Year 4 PV (M)49,039.4950,925.4152,865.21
Year 5 PV (M)56,535.2959,265.9762,101.16
PV of Terminal Value (M)1,213,550.331,272,165.261,333,023.53
Equity Value (M)1,417,445.791,482,715.721,550,415.68
Shares Outstanding (M)3,063.813,063.813,063.81
Fair Value$462.64$483.94$506.04
Upside / Downside57.33%64.58%72.09%

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