Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Vesuvius plc (VSVS.L)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$8.74 - $15.34$11.55
Multi-Stage$15.19 - $16.66$15.91
Blended Fair Value$13.73
Current Price$3.92
Upside250.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.54%4.02%0.230.230.220.210.030.210.190.170.170.17
YoY Growth--0.66%4.48%4.68%560.71%-84.42%7.80%9.65%3.87%0.00%6.55%
Dividend Yield--5.50%4.80%5.47%4.69%0.60%4.10%3.75%2.97%4.23%5.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)174.30
(-) Cash Dividends Paid (M)119.80
(=) Cash Retained (M)54.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.8621.7913.07
Cash Retained (M)54.5054.5054.50
(-) Cash Required (M)-34.86-21.79-13.07
(=) Excess Retained (M)19.6432.7141.43
(/) Shares Outstanding (M)262.73262.73262.73
(=) Excess Retained per Share0.070.120.16
LTM Dividend per Share0.460.460.46
(+) Excess Retained per Share0.070.120.16
(=) Adjusted Dividend0.530.580.61
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate0.54%1.54%2.54%
Fair Value$8.74$11.55$15.34
Upside / Downside123.06%194.69%291.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)174.30176.98179.71182.47185.28188.13193.78
Payout Ratio68.73%72.99%77.24%81.49%85.75%90.00%92.50%
Projected Dividends (M)119.80129.17138.80148.70158.87169.32179.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate0.54%1.54%2.54%
Year 1 PV (M)119.93121.13122.32
Year 2 PV (M)119.66122.05124.47
Year 3 PV (M)119.03122.61126.27
Year 4 PV (M)118.07122.84127.75
Year 5 PV (M)116.84122.77128.93
PV of Terminal Value (M)3,396.323,568.623,747.84
Equity Value (M)3,989.854,180.024,377.59
Shares Outstanding (M)262.73262.73262.73
Fair Value$15.19$15.91$16.66
Upside / Downside287.40%305.87%325.05%

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