Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Clinuvel Pharmaceuticals Limited (CUV.AX)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$38.65 - $128.80$63.05
Multi-Stage$24.51 - $26.81$25.64
Blended Fair Value$44.35
Current Price$10.38
Upside327.22%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS15.39%0.00%0.050.050.040.020.020.020.020.000.000.00
YoY Growth--1.37%24.99%60.00%0.00%0.92%27.88%0.00%0.00%0.00%0.00%
Dividend Yield--0.48%0.32%0.22%0.16%0.08%0.09%0.06%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)71.81
(-) Cash Dividends Paid (M)4.97
(=) Cash Retained (M)66.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.368.985.39
Cash Retained (M)66.8366.8366.83
(-) Cash Required (M)-14.36-8.98-5.39
(=) Excess Retained (M)52.4757.8661.45
(/) Shares Outstanding (M)50.6950.6950.69
(=) Excess Retained per Share1.041.141.21
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share1.041.141.21
(=) Adjusted Dividend1.131.241.31
WACC / Discount Rate8.59%8.59%8.59%
Growth Rate5.50%6.50%7.50%
Fair Value$38.65$63.05$128.80
Upside / Downside272.31%507.42%1,140.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)71.8176.4881.4586.7492.3898.38101.34
Payout Ratio6.93%23.54%40.16%56.77%73.39%90.00%92.50%
Projected Dividends (M)4.9718.0032.7149.2467.7988.5593.74

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.59%8.59%8.59%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)16.4216.5816.73
Year 2 PV (M)27.2227.7328.26
Year 3 PV (M)37.3838.4539.55
Year 4 PV (M)46.9448.7550.61
Year 5 PV (M)55.9358.6361.44
PV of Terminal Value (M)1,058.531,109.661,162.75
Equity Value (M)1,242.431,299.811,359.33
Shares Outstanding (M)50.6950.6950.69
Fair Value$24.51$25.64$26.81
Upside / Downside136.12%147.02%158.33%

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