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Etn. Fr. Colruyt NV (0N4Y.IL)

Company Dividend Discount ModelIndustry: Grocery StoresSector: Consumer Defensive

Valuation Snapshot

Stable Growth$142.76 - $248.15$187.91
Multi-Stage$265.97 - $292.53$279.00
Blended Fair Value$233.46
Current Price$38.00
Upside514.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-1.04%1.24%1.371.811.121.561.461.441.361.371.321.20
YoY Growth---24.46%61.90%-28.40%6.72%1.55%6.31%-0.76%3.51%9.92%-0.66%
Dividend Yield--3.60%4.31%4.15%4.16%2.88%2.92%2.08%3.04%2.87%2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,388.20
(-) Cash Dividends Paid (M)397.60
(=) Cash Retained (M)990.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)277.64173.53104.12
Cash Retained (M)990.60990.60990.60
(-) Cash Required (M)-277.64-173.53-104.12
(=) Excess Retained (M)712.96817.08886.49
(/) Shares Outstanding (M)125.15125.15125.15
(=) Excess Retained per Share5.706.537.08
LTM Dividend per Share3.183.183.18
(+) Excess Retained per Share5.706.537.08
(=) Adjusted Dividend8.879.7110.26
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate0.09%1.09%2.09%
Fair Value$142.76$187.91$248.15
Upside / Downside275.69%394.51%553.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,388.201,403.301,418.561,433.991,449.591,465.361,509.32
Payout Ratio28.64%40.91%53.18%65.46%77.73%90.00%92.50%
Projected Dividends (M)397.60574.13754.46938.641,126.741,318.821,396.12

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate0.09%1.09%2.09%
Year 1 PV (M)534.72540.06545.41
Year 2 PV (M)654.43667.57680.85
Year 3 PV (M)758.30781.26804.67
Year 4 PV (M)847.77882.16917.59
Year 5 PV (M)924.18971.281,020.28
PV of Terminal Value (M)29,568.4731,075.4132,643.17
Equity Value (M)33,287.8734,917.7436,611.96
Shares Outstanding (M)125.15125.15125.15
Fair Value$265.97$279.00$292.53
Upside / Downside599.93%634.20%669.83%

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