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Linedata Services S.A. (0F2S.L)

Company Dividend Discount ModelIndustry: Software - ServicesSector: Technology

Valuation Snapshot

Stable Growth$108.41 - $170.90$137.01
Multi-Stage$182.52 - $200.51$191.34
Blended Fair Value$164.18
Current Price$85.60
Upside91.79%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.79%6.48%1.771.772.011.761.271.841.962.196.460.95
YoY Growth--0.01%-11.95%14.16%38.33%-30.89%-6.37%-10.46%-66.07%581.25%0.60%
Dividend Yield--2.06%3.18%4.35%4.50%4.49%6.88%6.23%5.67%13.81%2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53.12
(-) Cash Dividends Paid (M)17.36
(=) Cash Retained (M)35.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.626.643.98
Cash Retained (M)35.7535.7535.75
(-) Cash Required (M)-10.62-6.64-3.98
(=) Excess Retained (M)25.1329.1131.77
(/) Shares Outstanding (M)4.924.924.92
(=) Excess Retained per Share5.115.926.46
LTM Dividend per Share3.533.533.53
(+) Excess Retained per Share5.115.926.46
(=) Adjusted Dividend8.649.459.99
WACC / Discount Rate7.55%7.55%7.55%
Growth Rate-0.40%0.60%1.60%
Fair Value$108.41$137.01$170.90
Upside / Downside26.64%60.06%99.65%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53.1253.4453.7654.0954.4154.7456.38
Payout Ratio32.69%44.15%55.61%67.08%78.54%90.00%92.50%
Projected Dividends (M)17.3623.5929.9036.2842.7349.2752.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.55%7.55%7.55%
Growth Rate-0.40%0.60%1.60%
Year 1 PV (M)21.7221.9422.16
Year 2 PV (M)25.3425.8526.37
Year 3 PV (M)28.3029.1730.04
Year 4 PV (M)30.6931.9533.23
Year 5 PV (M)32.5834.2435.98
PV of Terminal Value (M)758.70797.56838.00
Equity Value (M)897.34940.70985.78
Shares Outstanding (M)4.924.924.92
Fair Value$182.52$191.34$200.51
Upside / Downside113.22%123.53%134.24%

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