Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

V-ZUG Holding AG (VZUG.SW)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$55.94 - $94.46$72.77
Multi-Stage$210.27 - $232.19$221.01
Blended Fair Value$146.89
Current Price$64.80
Upside126.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.000.000.000.000.002.344.687.020.000.00
YoY Growth--0.00%0.00%0.00%0.00%-100.00%-50.00%-33.33%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%3.30%6.59%9.89%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)30.35
(-) Cash Dividends Paid (M)5.78
(=) Cash Retained (M)24.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.073.792.28
Cash Retained (M)24.5724.5724.57
(-) Cash Required (M)-6.07-3.79-2.28
(=) Excess Retained (M)18.5020.7822.30
(/) Shares Outstanding (M)6.416.416.41
(=) Excess Retained per Share2.893.243.48
LTM Dividend per Share0.900.900.90
(+) Excess Retained per Share2.893.243.48
(=) Adjusted Dividend3.794.144.38
WACC / Discount Rate4.64%4.64%4.64%
Growth Rate-2.00%-1.00%0.00%
Fair Value$55.94$72.77$94.46
Upside / Downside-13.68%12.30%45.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)30.3530.0529.7529.4529.1528.8629.73
Payout Ratio19.03%33.23%47.42%61.61%75.81%90.00%92.50%
Projected Dividends (M)5.789.9814.1118.1422.1025.9827.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.64%4.64%4.64%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)9.449.549.64
Year 2 PV (M)12.6212.8813.14
Year 3 PV (M)15.3615.8416.32
Year 4 PV (M)17.7018.4419.19
Year 5 PV (M)19.6820.7121.78
PV of Terminal Value (M)1,272.831,339.111,408.12
Equity Value (M)1,347.641,416.511,488.19
Shares Outstanding (M)6.416.416.41
Fair Value$210.27$221.01$232.19
Upside / Downside224.48%241.07%258.32%

High-Yield Dividend Screener

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