Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wilh. Wilhelmsen Holding ASA (WWIB.OL)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$117.77 - $175.26$145.16
Multi-Stage$162.52 - $178.39$170.30
Blended Fair Value$157.73
Current Price$43.01
Upside266.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.04%1.84%1.691.080.991.360.421.460.940.850.711.01
YoY Growth--56.52%9.52%-27.59%222.22%-70.97%55.00%11.11%20.00%-30.23%-28.33%
Dividend Yield--4.64%3.23%3.95%4.97%1.98%14.93%5.41%2.88%2.68%5.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)604.00
(-) Cash Dividends Paid (M)80.00
(=) Cash Retained (M)524.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)120.8075.5045.30
Cash Retained (M)524.00524.00524.00
(-) Cash Required (M)-120.80-75.50-45.30
(=) Excess Retained (M)403.20448.50478.70
(/) Shares Outstanding (M)42.5042.5042.50
(=) Excess Retained per Share9.4910.5511.26
LTM Dividend per Share1.881.881.88
(+) Excess Retained per Share9.4910.5511.26
(=) Adjusted Dividend11.3712.4413.15
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate-0.16%0.84%1.84%
Fair Value$117.77$145.16$175.26
Upside / Downside173.81%237.49%307.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)604.00609.07614.19619.35624.55629.80648.69
Payout Ratio13.25%28.60%43.95%59.30%74.65%90.00%92.50%
Projected Dividends (M)80.00174.17269.92367.26466.22566.82600.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate-0.16%0.84%1.84%
Year 1 PV (M)157.51159.09160.67
Year 2 PV (M)220.76225.20229.69
Year 3 PV (M)271.64279.89288.30
Year 4 PV (M)311.86324.54337.61
Year 5 PV (M)342.88360.40378.63
PV of Terminal Value (M)5,602.395,888.636,186.46
Equity Value (M)6,907.047,237.757,581.35
Shares Outstanding (M)42.5042.5042.50
Fair Value$162.52$170.30$178.39
Upside / Downside277.87%295.97%314.76%

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