Definitive Analysis
Definitive Analysis

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Quirin Privatbank AG (QB7.DE)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$16.26 - $88.80$29.53
Multi-Stage$11.79 - $12.92$12.34
Blended Fair Value$20.94
Current Price$3.68
Upside468.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS29.67%0.00%0.110.090.140.000.000.030.000.000.000.00
YoY Growth--22.22%-35.71%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.04%2.54%4.24%0.00%0.00%1.94%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)21.53
(-) Cash Dividends Paid (M)3.91
(=) Cash Retained (M)17.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.312.691.62
Cash Retained (M)17.6317.6317.63
(-) Cash Required (M)-4.31-2.69-1.62
(=) Excess Retained (M)13.3214.9416.01
(/) Shares Outstanding (M)43.4143.4143.41
(=) Excess Retained per Share0.310.340.37
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.310.340.37
(=) Adjusted Dividend0.400.430.46
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate4.48%5.48%6.48%
Fair Value$16.26$29.53$88.80
Upside / Downside341.80%702.54%2,313.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)21.5322.7123.9625.2726.6628.1228.96
Payout Ratio18.14%32.52%46.89%61.26%75.63%90.00%92.50%
Projected Dividends (M)3.917.3911.2315.4820.1625.3126.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate4.48%5.48%6.48%
Year 1 PV (M)6.846.906.97
Year 2 PV (M)9.629.819.99
Year 3 PV (M)12.2712.6312.99
Year 4 PV (M)14.7915.3615.95
Year 5 PV (M)17.1818.0218.89
PV of Terminal Value (M)451.11473.11495.97
Equity Value (M)511.80535.83560.76
Shares Outstanding (M)43.4143.4143.41
Fair Value$11.79$12.34$12.92
Upside / Downside220.36%235.40%251.00%

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