Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Beijer Ref AB (publ) (0A0H.IL)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$392.84 - $961.83$901.37
Multi-Stage$139.28 - $152.49$145.76
Blended Fair Value$523.57
Current Price$146.65
Upside257.02%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.02%13.27%1.380.940.830.750.440.750.480.460.440.42
YoY Growth--46.75%13.84%10.28%71.58%-41.67%55.74%4.55%4.76%5.00%5.26%
Dividend Yield--0.98%0.60%0.46%0.48%0.37%1.37%1.00%1.31%1.86%1.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,450.00
(-) Cash Dividends Paid (M)700.00
(=) Cash Retained (M)1,750.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)490.00306.25183.75
Cash Retained (M)1,750.001,750.001,750.00
(-) Cash Required (M)-490.00-306.25-183.75
(=) Excess Retained (M)1,260.001,443.751,566.25
(/) Shares Outstanding (M)506.58506.58506.58
(=) Excess Retained per Share2.492.853.09
LTM Dividend per Share1.381.381.38
(+) Excess Retained per Share2.492.853.09
(=) Adjusted Dividend3.874.234.47
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Fair Value$392.84$901.37$961.83
Upside / Downside167.88%514.64%555.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,450.002,609.252,778.852,959.483,151.843,356.713,457.41
Payout Ratio28.57%40.86%53.14%65.43%77.71%90.00%92.50%
Projected Dividends (M)700.001,066.071,476.761,936.342,449.433,021.043,198.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)991.241,000.631,010.03
Year 2 PV (M)1,276.731,301.051,325.59
Year 3 PV (M)1,556.551,601.241,646.77
Year 4 PV (M)1,830.801,901.211,973.63
Year 5 PV (M)2,099.552,200.962,306.25
PV of Terminal Value (M)62,802.0565,835.4168,984.87
Equity Value (M)70,556.9273,840.5077,247.14
Shares Outstanding (M)506.58506.58506.58
Fair Value$139.28$145.76$152.49
Upside / Downside-5.03%-0.61%3.98%

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