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Kardex Holding AG (0QOL.L)

Company Dividend Discount ModelIndustry: Industrial - Capital GoodsSector: Industrials

Valuation Snapshot

Stable Growth$1,097.15 - $3,898.91$3,595.35
Multi-Stage$506.49 - $553.64$529.64
Blended Fair Value$2,062.49
Current Price$295.26
Upside598.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.38%8.90%5.113.564.223.634.243.580.000.000.001.57
YoY Growth--43.27%-15.64%16.43%-14.37%18.48%0.00%0.00%0.00%-100.00%-27.98%
Dividend Yield--1.77%1.52%2.75%1.26%2.37%2.38%0.00%0.00%0.00%2.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)151.30
(-) Cash Dividends Paid (M)87.90
(=) Cash Retained (M)63.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.2618.9111.35
Cash Retained (M)63.4063.4063.40
(-) Cash Required (M)-30.26-18.91-11.35
(=) Excess Retained (M)33.1444.4952.05
(/) Shares Outstanding (M)7.727.727.72
(=) Excess Retained per Share4.295.766.74
LTM Dividend per Share11.3911.3911.39
(+) Excess Retained per Share4.295.766.74
(=) Adjusted Dividend15.6817.1518.13
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Fair Value$1,097.15$3,595.35$3,898.91
Upside / Downside271.59%1,117.69%1,220.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)151.30161.13171.61182.76194.64207.29213.51
Payout Ratio58.10%64.48%70.86%77.24%83.62%90.00%92.50%
Projected Dividends (M)87.90103.90121.60141.16162.76186.56197.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)96.1897.0998.00
Year 2 PV (M)104.21106.19108.20
Year 3 PV (M)111.99115.21118.48
Year 4 PV (M)119.53124.13128.86
Year 5 PV (M)126.84132.97139.33
PV of Terminal Value (M)3,350.073,511.883,679.88
Equity Value (M)3,908.824,087.464,272.75
Shares Outstanding (M)7.727.727.72
Fair Value$506.49$529.64$553.64
Upside / Downside71.54%79.38%87.51%

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