Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

KONE Oyj (KC4.DE)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$88.24 - $356.97$233.77
Multi-Stage$173.61 - $191.29$182.27
Blended Fair Value$208.02
Current Price$53.54
Upside288.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.23%5.35%1.751.752.111.841.701.651.641.541.391.19
YoY Growth--0.07%-16.81%14.60%7.80%3.38%0.29%6.76%10.75%16.53%14.66%
Dividend Yield--3.27%4.06%4.37%3.83%2.45%3.20%3.57%3.84%3.40%5.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)976.00
(-) Cash Dividends Paid (M)931.30
(=) Cash Retained (M)44.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)195.20122.0073.20
Cash Retained (M)44.7044.7044.70
(-) Cash Required (M)-195.20-122.00-73.20
(=) Excess Retained (M)-150.50-77.30-28.50
(/) Shares Outstanding (M)516.66516.66516.66
(=) Excess Retained per Share-0.29-0.15-0.06
LTM Dividend per Share1.801.801.80
(+) Excess Retained per Share-0.29-0.15-0.06
(=) Adjusted Dividend1.511.651.75
WACC / Discount Rate1.86%1.86%1.86%
Growth Rate0.14%1.14%2.14%
Fair Value$88.24$233.77$356.97
Upside / Downside64.81%336.62%566.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)976.00987.16998.451,009.861,021.411,033.091,064.08
Payout Ratio95.42%94.34%93.25%92.17%91.08%90.00%92.50%
Projected Dividends (M)931.30931.25931.07930.77930.34929.78984.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.86%1.86%1.86%
Growth Rate0.14%1.14%2.14%
Year 1 PV (M)905.22914.26923.29
Year 2 PV (M)879.75897.40915.24
Year 3 PV (M)854.88880.74907.13
Year 4 PV (M)830.60864.27898.97
Year 5 PV (M)806.89847.99890.75
PV of Terminal Value (M)85,418.6389,769.4794,295.83
Equity Value (M)89,695.9694,174.1498,831.20
Shares Outstanding (M)516.66516.66516.66
Fair Value$173.61$182.27$191.29
Upside / Downside224.26%240.45%257.28%

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