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Vaudoise Assurances Holding S.A. (0QN7.L)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$1,388.66 - $2,481.59$1,848.25
Multi-Stage$2,276.89 - $2,500.35$2,386.48
Blended Fair Value$2,117.37
Current Price$610.00
Upside247.11%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.79%3.37%19.6920.5718.0619.0217.0517.1514.7215.4913.4315.15
YoY Growth---4.29%13.92%-5.10%11.61%-0.62%16.53%-5.01%15.42%-11.38%7.18%
Dividend Yield--3.98%4.67%4.27%4.28%3.59%3.00%3.03%2.93%2.79%2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)293.56
(-) Cash Dividends Paid (M)123.44
(=) Cash Retained (M)170.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58.7136.6922.02
Cash Retained (M)170.11170.11170.11
(-) Cash Required (M)-58.71-36.69-22.02
(=) Excess Retained (M)111.40133.42148.10
(/) Shares Outstanding (M)2.902.902.90
(=) Excess Retained per Share38.4346.0251.09
LTM Dividend per Share42.5842.5842.58
(+) Excess Retained per Share38.4346.0251.09
(=) Adjusted Dividend81.0188.6093.67
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate0.79%1.79%2.79%
Fair Value$1,388.66$1,848.25$2,481.59
Upside / Downside127.65%202.99%306.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)293.56298.82304.18309.64315.19320.84330.47
Payout Ratio42.05%51.64%61.23%70.82%80.41%90.00%92.50%
Projected Dividends (M)123.44154.31186.25219.29253.44288.76305.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate0.79%1.79%2.79%
Year 1 PV (M)143.24144.66146.08
Year 2 PV (M)160.48163.68166.91
Year 3 PV (M)175.38180.65186.03
Year 4 PV (M)188.15195.73203.54
Year 5 PV (M)198.98209.05219.52
PV of Terminal Value (M)5,734.446,024.616,326.40
Equity Value (M)6,600.676,918.387,248.48
Shares Outstanding (M)2.902.902.90
Fair Value$2,276.89$2,386.48$2,500.35
Upside / Downside273.26%291.23%309.89%

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