Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sartorius Stedim Biotech S.A. (DIM.PA)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$136.26 - $457.70$428.94
Multi-Stage$59.48 - $65.10$62.24
Blended Fair Value$245.59
Current Price$202.80
Upside21.10%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.01%13.81%0.691.361.190.640.320.540.430.400.310.20
YoY Growth---49.43%14.30%85.22%100.00%-40.35%23.91%9.53%25.96%53.92%8.46%
Dividend Yield--0.38%0.52%0.42%0.17%0.09%0.29%0.37%0.54%0.50%0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)225.20
(-) Cash Dividends Paid (M)67.10
(=) Cash Retained (M)158.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)45.0428.1516.89
Cash Retained (M)158.10158.10158.10
(-) Cash Required (M)-45.04-28.15-16.89
(=) Excess Retained (M)113.06129.95141.21
(/) Shares Outstanding (M)97.8597.8597.85
(=) Excess Retained per Share1.161.331.44
LTM Dividend per Share0.690.690.69
(+) Excess Retained per Share1.161.331.44
(=) Adjusted Dividend1.842.012.13
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate5.50%6.50%7.50%
Fair Value$136.26$428.94$457.70
Upside / Downside-32.81%111.51%125.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)225.20239.84255.43272.03289.71308.54317.80
Payout Ratio29.80%41.84%53.88%65.92%77.96%90.00%92.50%
Projected Dividends (M)67.10100.34137.62179.32225.86277.69293.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)92.9693.8494.72
Year 2 PV (M)118.12120.37122.64
Year 3 PV (M)142.59146.68150.85
Year 4 PV (M)166.39172.79179.37
Year 5 PV (M)189.53198.68208.18
PV of Terminal Value (M)5,111.045,357.915,614.22
Equity Value (M)5,820.636,090.276,369.99
Shares Outstanding (M)97.8597.8597.85
Fair Value$59.48$62.24$65.10
Upside / Downside-70.67%-69.31%-67.90%

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