Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Core Laboratories N.V. (CLB)

Company Dividend Discount ModelIndustry: Oil & Gas Equipment & ServicesSector: Energy

Valuation Snapshot

Stable Growth$2.82 - $3.76$3.30
Multi-Stage$8.24 - $9.16$8.69
Blended Fair Value$6.00
Current Price$12.36
Upside-51.47%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-54.63%-32.03%0.040.040.040.040.262.062.062.052.011.99
YoY Growth--0.43%0.81%1.04%-85.26%-87.24%0.33%0.11%2.10%0.97%5.78%
Dividend Yield--0.26%0.23%0.18%0.12%0.91%19.96%2.98%1.90%1.74%1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.12
(-) Cash Dividends Paid (M)1.91
(=) Cash Retained (M)30.22
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.424.022.41
Cash Retained (M)30.2230.2230.22
(-) Cash Required (M)-6.42-4.02-2.41
(=) Excess Retained (M)23.7926.2027.81
(/) Shares Outstanding (M)47.2847.2847.28
(=) Excess Retained per Share0.500.550.59
LTM Dividend per Share0.040.040.04
(+) Excess Retained per Share0.500.550.59
(=) Adjusted Dividend0.540.590.63
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate-10.55%-9.55%-8.55%
Fair Value$2.82$3.30$3.76
Upside / Downside-77.22%-73.26%-69.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.1229.0626.2823.7721.5019.4520.03
Payout Ratio5.94%22.75%39.56%56.38%73.19%90.00%92.50%
Projected Dividends (M)1.916.6110.4013.4015.7417.5018.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate-10.55%-9.55%-8.55%
Year 1 PV (M)6.136.196.26
Year 2 PV (M)8.939.139.33
Year 3 PV (M)10.6611.0311.40
Year 4 PV (M)11.6012.1312.68
Year 5 PV (M)11.9612.6413.36
PV of Terminal Value (M)340.44359.91380.25
Equity Value (M)389.73411.03433.27
Shares Outstanding (M)47.2847.2847.28
Fair Value$8.24$8.69$9.16
Upside / Downside-33.31%-29.67%-25.86%

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