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Cembra Money Bank AG (0QPJ.L)

Company Dividend Discount ModelIndustry: Financial - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$139.58 - $235.39$181.47
Multi-Stage$251.93 - $276.42$263.94
Blended Fair Value$222.71
Current Price$99.70
Upside123.38%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.11%3.22%4.003.953.853.753.753.603.414.273.223.17
YoY Growth--1.26%2.62%2.53%-0.05%4.26%5.63%-20.22%32.82%1.57%8.77%
Dividend Yield--4.87%6.02%5.00%5.64%3.50%3.40%4.38%4.70%4.33%4.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)340.60
(-) Cash Dividends Paid (M)242.09
(=) Cash Retained (M)98.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)68.1242.5725.54
Cash Retained (M)98.5198.5198.51
(-) Cash Required (M)-68.12-42.57-25.54
(=) Excess Retained (M)30.3955.9472.97
(/) Shares Outstanding (M)29.3829.3829.38
(=) Excess Retained per Share1.031.902.48
LTM Dividend per Share8.248.248.24
(+) Excess Retained per Share1.031.902.48
(=) Adjusted Dividend9.2710.1410.72
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate0.11%1.11%2.11%
Fair Value$139.58$181.47$235.39
Upside / Downside40.00%82.02%136.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)340.60344.39348.23352.11356.03360.00370.80
Payout Ratio71.08%74.86%78.65%82.43%86.22%90.00%92.50%
Projected Dividends (M)242.09257.82273.87290.25306.95324.00342.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate0.11%1.11%2.11%
Year 1 PV (M)239.09241.48243.87
Year 2 PV (M)235.53240.26245.03
Year 3 PV (M)231.48238.49245.63
Year 4 PV (M)227.02236.23245.72
Year 5 PV (M)222.22233.55245.33
PV of Terminal Value (M)6,246.256,564.506,895.59
Equity Value (M)7,401.597,754.508,121.16
Shares Outstanding (M)29.3829.3829.38
Fair Value$251.93$263.94$276.42
Upside / Downside152.69%164.74%177.25%

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