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The Commercial Bank (P.S.Q.C.) (CBQK.QA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$35.44 - $126.36$115.38
Multi-Stage$16.28 - $17.80$17.03
Blended Fair Value$66.21
Current Price$4.55
Upside1,355.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.37%10.10%0.330.260.170.100.210.160.100.000.250.27
YoY Growth--28.04%56.25%60.00%-50.00%33.33%50.00%0.00%-100.00%-5.71%110.00%
Dividend Yield--7.94%5.38%2.86%1.39%4.28%3.99%2.25%0.00%7.77%8.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,479.71
(-) Cash Dividends Paid (M)1,214.18
(=) Cash Retained (M)1,265.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)495.94309.96185.98
Cash Retained (M)1,265.531,265.531,265.53
(-) Cash Required (M)-495.94-309.96-185.98
(=) Excess Retained (M)769.59955.571,079.56
(/) Shares Outstanding (M)3,902.683,902.683,902.68
(=) Excess Retained per Share0.200.240.28
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share0.200.240.28
(=) Adjusted Dividend0.510.560.59
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Fair Value$35.44$115.38$126.36
Upside / Downside678.91%2,435.92%2,677.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,479.712,640.892,812.552,995.363,190.063,397.423,499.34
Payout Ratio48.96%57.17%65.38%73.59%81.79%90.00%92.50%
Projected Dividends (M)1,214.181,509.841,838.812,204.162,609.253,057.683,236.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,397.641,410.891,424.14
Year 2 PV (M)1,575.681,605.691,635.99
Year 3 PV (M)1,748.401,798.591,849.73
Year 4 PV (M)1,915.921,989.602,065.39
Year 5 PV (M)2,078.362,178.742,282.97
PV of Terminal Value (M)54,823.9757,471.9860,221.35
Equity Value (M)63,539.9666,455.5069,479.56
Shares Outstanding (M)3,902.683,902.683,902.68
Fair Value$16.28$17.03$17.80
Upside / Downside257.83%274.25%291.28%

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