Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Qatar International Islamic Bank (Q.P.S.C) (QIIK.QA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$47.18 - $173.09$145.61
Multi-Stage$22.32 - $24.40$23.34
Blended Fair Value$84.48
Current Price$10.85
Upside678.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.85%6.20%0.680.400.380.330.420.390.400.400.400.40
YoY Growth--70.71%6.58%14.66%-21.65%7.12%-2.29%0.00%0.00%0.00%6.67%
Dividend Yield--6.71%3.72%3.80%2.96%4.79%5.38%5.63%7.92%5.84%5.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,317.89
(-) Cash Dividends Paid (M)774.27
(=) Cash Retained (M)543.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)263.58164.7498.84
Cash Retained (M)543.62543.62543.62
(-) Cash Required (M)-263.58-164.74-98.84
(=) Excess Retained (M)280.04378.88444.78
(/) Shares Outstanding (M)1,513.871,513.871,513.87
(=) Excess Retained per Share0.180.250.29
LTM Dividend per Share0.510.510.51
(+) Excess Retained per Share0.180.250.29
(=) Adjusted Dividend0.700.760.81
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.48%6.48%7.48%
Fair Value$47.18$145.61$173.09
Upside / Downside334.83%1,242.03%1,495.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,317.891,403.261,494.161,590.961,694.021,803.751,857.87
Payout Ratio58.75%65.00%71.25%77.50%83.75%90.00%92.50%
Projected Dividends (M)774.27912.131,064.601,233.001,418.741,623.381,718.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.48%6.48%7.48%
Year 1 PV (M)844.18852.18860.18
Year 2 PV (M)911.88929.26946.79
Year 3 PV (M)977.441,005.511,034.10
Year 4 PV (M)1,040.901,080.941,122.12
Year 5 PV (M)1,102.311,155.561,210.85
PV of Terminal Value (M)28,920.2830,317.4431,768.08
Equity Value (M)33,796.9935,340.8836,942.13
Shares Outstanding (M)1,513.871,513.871,513.87
Fair Value$22.32$23.34$24.40
Upside / Downside105.76%115.16%124.91%

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