Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Proximus PLC (PROX.BR)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$17.44 - $27.44$22.02
Multi-Stage$35.73 - $39.32$37.49
Blended Fair Value$29.75
Current Price$8.26
Upside260.21%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.83%-6.67%1.121.201.201.201.501.511.501.511.501.52
YoY Growth---6.98%0.00%-0.26%-20.00%-0.21%0.21%-0.61%0.62%-0.82%-31.89%
Dividend Yield--16.34%15.95%13.50%7.14%8.10%7.22%5.77%6.00%5.11%5.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)569.00
(-) Cash Dividends Paid (M)193.00
(=) Cash Retained (M)376.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)113.8071.1342.68
Cash Retained (M)376.00376.00376.00
(-) Cash Required (M)-113.80-71.13-42.68
(=) Excess Retained (M)262.20304.88333.33
(/) Shares Outstanding (M)322.57322.57322.57
(=) Excess Retained per Share0.810.951.03
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share0.810.951.03
(=) Adjusted Dividend1.411.541.63
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-1.32%-0.32%0.68%
Fair Value$17.44$22.02$27.44
Upside / Downside111.08%166.59%232.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)569.00567.15565.31563.48561.65559.82576.62
Payout Ratio33.92%45.14%56.35%67.57%78.78%90.00%92.50%
Projected Dividends (M)193.00255.99318.56380.73442.49503.84533.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-1.32%-0.32%0.68%
Year 1 PV (M)237.59240.00242.41
Year 2 PV (M)274.42280.01285.66
Year 3 PV (M)304.40313.75323.29
Year 4 PV (M)328.36341.87355.80
Year 5 PV (M)347.02364.96383.64
PV of Terminal Value (M)10,032.6310,551.4111,091.42
Equity Value (M)11,524.4312,092.0112,682.22
Shares Outstanding (M)322.57322.57322.57
Fair Value$35.73$37.49$39.32
Upside / Downside332.52%353.83%375.98%

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