Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Macfarlane Group PLC (MACF.L)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$10.71 - $33.18$31.09
Multi-Stage$4.49 - $4.91$4.69
Blended Fair Value$17.89
Current Price$1.18
Upside1,416.49%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.28%11.78%0.040.030.030.030.010.020.020.020.010.01
YoY Growth--4.85%7.49%18.84%288.51%-70.05%8.92%18.68%21.03%12.61%10.91%
Dividend Yield--3.33%2.93%3.07%2.06%0.79%2.13%2.96%2.29%2.42%2.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)26.69
(-) Cash Dividends Paid (M)11.55
(=) Cash Retained (M)15.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.343.342.00
Cash Retained (M)15.1515.1515.15
(-) Cash Required (M)-5.34-3.34-2.00
(=) Excess Retained (M)9.8111.8113.15
(/) Shares Outstanding (M)159.99159.99159.99
(=) Excess Retained per Share0.060.070.08
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.060.070.08
(=) Adjusted Dividend0.130.150.15
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Fair Value$10.71$31.09$33.18
Upside / Downside807.55%2,535.13%2,711.86%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)26.6928.4330.2832.2434.3436.5737.67
Payout Ratio43.25%52.60%61.95%71.30%80.65%90.00%92.50%
Projected Dividends (M)11.5514.9518.7622.9927.7032.9134.84

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)13.8714.0014.13
Year 2 PV (M)16.1316.4416.75
Year 3 PV (M)18.3418.8619.40
Year 4 PV (M)20.4921.2822.09
Year 5 PV (M)22.5823.6724.80
PV of Terminal Value (M)626.61656.88688.30
Equity Value (M)718.02751.13785.47
Shares Outstanding (M)159.99159.99159.99
Fair Value$4.49$4.69$4.91
Upside / Downside280.32%297.86%316.05%

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