Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sanlorenzo S.p.A. (SL.MI)

Company Dividend Discount ModelIndustry: Auto - Recreational VehiclesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$74.64 - $211.77$116.46
Multi-Stage$50.65 - $55.32$52.94
Blended Fair Value$84.70
Current Price$29.85
Upside183.75%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS55.73%0.00%0.990.650.590.290.000.110.010.000.000.00
YoY Growth--51.47%11.28%99.87%0.00%-100.00%1,166.67%0.00%0.00%0.00%0.00%
Dividend Yield--3.44%1.59%1.47%0.80%0.00%1.06%0.05%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)106.17
(-) Cash Dividends Paid (M)35.21
(=) Cash Retained (M)70.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21.2313.277.96
Cash Retained (M)70.9670.9670.96
(-) Cash Required (M)-21.23-13.27-7.96
(=) Excess Retained (M)49.7357.6963.00
(/) Shares Outstanding (M)35.1035.1035.10
(=) Excess Retained per Share1.421.641.79
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share1.421.641.79
(=) Adjusted Dividend2.422.652.80
WACC / Discount Rate8.92%8.92%8.92%
Growth Rate5.50%6.50%7.50%
Fair Value$74.64$116.46$211.77
Upside / Downside150.04%290.14%609.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)106.17113.07120.42128.24136.58145.46149.82
Payout Ratio33.16%44.53%55.90%67.26%78.63%90.00%92.50%
Projected Dividends (M)35.2150.3567.3186.26107.40130.91138.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.92%8.92%8.92%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)45.7946.2246.66
Year 2 PV (M)55.6856.7457.81
Year 3 PV (M)64.8966.7668.66
Year 4 PV (M)73.4876.3179.21
Year 5 PV (M)81.4685.4089.48
PV of Terminal Value (M)1,456.641,527.001,600.05
Equity Value (M)1,777.941,858.421,941.86
Shares Outstanding (M)35.1035.1035.10
Fair Value$50.65$52.94$55.32
Upside / Downside69.69%77.37%85.33%

High-Yield Dividend Screener

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