Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

NCC AB (publ) (0OFP.IL)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$177.56 - $289.33$227.58
Multi-Stage$362.51 - $399.07$380.43
Blended Fair Value$304.01
Current Price$216.20
Upside40.61%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.57%-4.92%7.995.996.325.502.754.428.838.843.3113.23
YoY Growth--33.28%-5.18%14.87%100.00%-37.73%-50.00%-0.12%166.98%-74.96%0.00%
Dividend Yield--4.20%4.12%6.88%4.11%1.87%3.39%6.10%5.57%1.50%6.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,586.00
(-) Cash Dividends Paid (M)390.00
(=) Cash Retained (M)1,196.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)317.20198.25118.95
Cash Retained (M)1,196.001,196.001,196.00
(-) Cash Required (M)-317.20-198.25-118.95
(=) Excess Retained (M)878.80997.751,077.05
(/) Shares Outstanding (M)97.8097.8097.80
(=) Excess Retained per Share8.9910.2011.01
LTM Dividend per Share3.993.993.99
(+) Excess Retained per Share8.9910.2011.01
(=) Adjusted Dividend12.9714.1915.00
WACC / Discount Rate6.38%6.38%6.38%
Growth Rate-0.87%0.13%1.13%
Fair Value$177.56$227.58$289.33
Upside / Downside-17.87%5.26%33.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,586.001,588.111,590.231,592.341,594.461,596.591,644.48
Payout Ratio24.59%37.67%50.75%63.84%76.92%90.00%92.50%
Projected Dividends (M)390.00598.28807.101,016.491,226.431,436.931,521.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.38%6.38%6.38%
Growth Rate-0.87%0.13%1.13%
Year 1 PV (M)556.80562.41568.03
Year 2 PV (M)699.07713.24727.56
Year 3 PV (M)819.39844.43869.99
Year 4 PV (M)920.08957.77996.60
Year 5 PV (M)1,003.251,054.891,108.62
PV of Terminal Value (M)31,454.1533,072.9434,757.71
Equity Value (M)35,452.7337,205.6939,028.51
Shares Outstanding (M)97.8097.8097.80
Fair Value$362.51$380.43$399.07
Upside / Downside67.67%75.96%84.58%

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