Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Addnode Group AB (publ) (0GMG.L)

Company Dividend Discount ModelIndustry: Software - ServicesSector: Technology

Valuation Snapshot

Stable Growth$59.11 - $138.00$86.75
Multi-Stage$42.95 - $46.86$44.87
Blended Fair Value$65.81
Current Price$105.00
Upside-37.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.63%7.23%0.990.990.750.630.000.630.510.510.510.50
YoY Growth--0.00%33.00%19.05%0.00%-100.00%23.53%-0.67%0.00%2.76%0.67%
Dividend Yield--1.00%0.85%0.60%0.65%0.00%1.72%1.52%2.63%3.04%3.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)379.00
(-) Cash Dividends Paid (M)154.00
(=) Cash Retained (M)225.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)75.8047.3828.43
Cash Retained (M)225.00225.00225.00
(-) Cash Required (M)-75.80-47.38-28.43
(=) Excess Retained (M)149.20177.63196.58
(/) Shares Outstanding (M)134.02134.02134.02
(=) Excess Retained per Share1.111.331.47
LTM Dividend per Share1.151.151.15
(+) Excess Retained per Share1.111.331.47
(=) Adjusted Dividend2.262.472.62
WACC / Discount Rate9.54%9.54%9.54%
Growth Rate5.50%6.50%7.50%
Fair Value$59.11$86.75$138.00
Upside / Downside-43.70%-17.38%31.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)379.00403.64429.87457.81487.57519.26534.84
Payout Ratio40.63%50.51%60.38%70.25%80.13%90.00%92.50%
Projected Dividends (M)154.00203.86259.56321.63390.67467.34494.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.54%9.54%9.54%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)184.36186.11187.86
Year 2 PV (M)212.28216.32220.40
Year 3 PV (M)237.89244.72251.67
Year 4 PV (M)261.32271.37281.71
Year 5 PV (M)282.70296.35310.53
PV of Terminal Value (M)4,577.544,798.635,028.19
Equity Value (M)5,756.096,013.516,280.37
Shares Outstanding (M)134.02134.02134.02
Fair Value$42.95$44.87$46.86
Upside / Downside-59.09%-57.27%-55.37%

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