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Havas S.A. (HAVAS.AS)

Company Dividend Discount ModelIndustry: Advertising AgenciesSector: Communication Services

Valuation Snapshot

Stable Growth$27.38 - $41.90$34.17
Multi-Stage$61.48 - $67.51$64.43
Blended Fair Value$49.30
Current Price$14.60
Upside237.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%2.060.750.680.290.000.000.000.000.000.00
YoY Growth--176.47%10.39%133.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--12.72%4.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)348.00
(-) Cash Dividends Paid (M)314.00
(=) Cash Retained (M)34.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)69.6043.5026.10
Cash Retained (M)34.0034.0034.00
(-) Cash Required (M)-69.60-43.50-26.10
(=) Excess Retained (M)-35.60-9.507.90
(/) Shares Outstanding (M)114.02114.02114.02
(=) Excess Retained per Share-0.31-0.080.07
LTM Dividend per Share2.752.752.75
(+) Excess Retained per Share-0.31-0.080.07
(=) Adjusted Dividend2.442.672.82
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Fair Value$27.38$34.17$41.90
Upside / Downside87.57%134.03%186.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)348.00344.52341.07337.66334.29330.94340.87
Payout Ratio90.23%90.18%90.14%90.09%90.05%90.00%92.50%
Projected Dividends (M)314.00310.70307.44304.21301.01297.85315.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)288.15291.09294.03
Year 2 PV (M)264.42269.85275.33
Year 3 PV (M)242.65250.16257.82
Year 4 PV (M)222.68231.90241.42
Year 5 PV (M)204.34214.98226.06
PV of Terminal Value (M)5,787.216,088.566,402.34
Equity Value (M)7,009.467,346.557,697.00
Shares Outstanding (M)114.02114.02114.02
Fair Value$61.48$64.43$67.51
Upside / Downside321.07%341.32%362.37%

High-Yield Dividend Screener

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