Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Maire Tecnimont S.p.A. (MAIRE.MI)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$34.84 - $141.67$91.49
Multi-Stage$21.05 - $23.04$22.02
Blended Fair Value$56.76
Current Price$11.21
Upside406.32%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS15.98%0.00%0.250.120.180.120.000.120.130.090.040.00
YoY Growth--101.49%-32.22%57.66%0.00%-100.00%-7.03%48.04%97.87%0.00%0.00%
Dividend Yield--2.85%1.65%4.65%3.73%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)234.49
(-) Cash Dividends Paid (M)134.25
(=) Cash Retained (M)100.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)46.9029.3117.59
Cash Retained (M)100.24100.24100.24
(-) Cash Required (M)-46.90-29.31-17.59
(=) Excess Retained (M)53.3470.9382.65
(/) Shares Outstanding (M)326.70326.70326.70
(=) Excess Retained per Share0.160.220.25
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share0.160.220.25
(=) Adjusted Dividend0.570.630.66
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate4.69%5.69%6.69%
Fair Value$34.84$91.49$141.67
Upside / Downside210.79%716.19%1,163.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)234.49247.84261.95276.87292.64309.30318.58
Payout Ratio57.25%63.80%70.35%76.90%83.45%90.00%92.50%
Projected Dividends (M)134.25158.13184.29212.92244.21278.37294.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate4.69%5.69%6.69%
Year 1 PV (M)147.18148.59149.99
Year 2 PV (M)159.66162.72165.82
Year 3 PV (M)171.69176.66181.72
Year 4 PV (M)183.29190.40197.71
Year 5 PV (M)194.48203.94213.77
PV of Terminal Value (M)6,019.376,312.396,616.70
Equity Value (M)6,875.677,194.707,525.72
Shares Outstanding (M)326.70326.70326.70
Fair Value$21.05$22.02$23.04
Upside / Downside87.74%96.45%105.49%

High-Yield Dividend Screener

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