Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Redde Northgate plc (REDD.L)

Company Dividend Discount ModelIndustry: Rental & Leasing ServicesSector: Industrials

Valuation Snapshot

Stable Growth$180.39 - $212.53$199.17
Multi-Stage$45.26 - $49.59$47.39
Blended Fair Value$123.28
Current Price$3.36
Upside3,569.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS17.45%24.75%0.210.180.100.100.100.100.090.080.060.05
YoY Growth--18.96%76.10%2.45%3.85%0.28%6.81%8.76%37.70%19.40%113.92%
Dividend Yield--5.76%4.55%2.82%5.56%2.62%2.59%1.69%2.05%0.93%0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)259.86
(-) Cash Dividends Paid (M)104.17
(=) Cash Retained (M)155.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)51.9732.4819.49
Cash Retained (M)155.69155.69155.69
(-) Cash Required (M)-51.97-32.48-19.49
(=) Excess Retained (M)103.72123.21136.20
(/) Shares Outstanding (M)243.16243.16243.16
(=) Excess Retained per Share0.430.510.56
LTM Dividend per Share0.430.430.43
(+) Excess Retained per Share0.430.510.56
(=) Adjusted Dividend0.850.940.99
WACC / Discount Rate5.46%5.46%5.46%
Growth Rate5.50%6.50%7.50%
Fair Value$180.39$199.17$212.53
Upside / Downside5,268.73%5,827.71%6,225.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)259.86276.75294.74313.89334.30356.03366.71
Payout Ratio40.09%50.07%60.05%70.03%80.02%90.00%92.50%
Projected Dividends (M)104.17138.56176.99219.83267.49320.42339.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.46%5.46%5.46%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)130.16131.39132.63
Year 2 PV (M)156.17159.15162.15
Year 3 PV (M)182.21187.44192.77
Year 4 PV (M)208.27216.27224.51
Year 5 PV (M)234.34245.66257.41
PV of Terminal Value (M)10,095.0210,582.6111,088.87
Equity Value (M)11,006.1711,522.5312,058.34
Shares Outstanding (M)243.16243.16243.16
Fair Value$45.26$47.39$49.59
Upside / Downside1,247.11%1,310.31%1,375.89%

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