Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kindred Group plc (KIND-SDB.ST)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$6.61 - $16.19$9.85
Multi-Stage$6.12 - $6.70$6.40
Blended Fair Value$8.13
Current Price$9.47
Upside-14.18%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-10.04%14.21%0.340.340.340.000.520.580.330.250.220.14
YoY Growth--1.09%-1.74%0.00%-100.00%-10.43%77.90%30.74%15.63%50.16%58.67%
Dividend Yield--3.72%3.74%4.11%0.00%17.23%7.36%3.34%3.03%2.73%3.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)66.40
(-) Cash Dividends Paid (M)36.80
(=) Cash Retained (M)29.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.288.304.98
Cash Retained (M)29.6029.6029.60
(-) Cash Required (M)-13.28-8.30-4.98
(=) Excess Retained (M)16.3221.3024.62
(/) Shares Outstanding (M)216.98216.98216.98
(=) Excess Retained per Share0.080.100.11
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.080.100.11
(=) Adjusted Dividend0.240.270.28
WACC / Discount Rate7.78%7.78%7.78%
Growth Rate3.93%4.93%5.93%
Fair Value$6.61$9.85$16.19
Upside / Downside-30.25%4.02%70.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)66.4069.6773.1176.7180.4984.4686.99
Payout Ratio55.42%62.34%69.25%76.17%83.08%90.00%92.50%
Projected Dividends (M)36.8043.4350.6358.4366.8876.0180.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.78%7.78%7.78%
Growth Rate3.93%4.93%5.93%
Year 1 PV (M)39.9140.3040.68
Year 2 PV (M)42.7643.5844.42
Year 3 PV (M)45.3446.6748.01
Year 4 PV (M)47.6949.5651.47
Year 5 PV (M)49.8252.2654.80
PV of Terminal Value (M)1,103.071,157.171,213.37
Equity Value (M)1,328.601,389.531,452.76
Shares Outstanding (M)216.98216.98216.98
Fair Value$6.12$6.40$6.70
Upside / Downside-35.34%-32.38%-29.30%

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