Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Beter Bed Holding N.V. (0DQK.L)

Company Dividend Discount ModelIndustry: Specialty RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$0.95 - $1.24$1.10
Multi-Stage$3.15 - $3.50$3.32
Blended Fair Value$2.21
Current Price$2.93
Upside-24.59%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS-24.15%-15.22%0.140.000.000.000.020.570.630.590.270.24
YoY Growth--0.00%0.00%0.00%-100.00%-95.94%-9.76%7.89%117.87%10.14%-67.27%
Dividend Yield--4.71%0.00%0.00%0.00%0.53%6.15%4.10%2.67%1.32%1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7.65
(-) Cash Dividends Paid (M)4.13
(=) Cash Retained (M)3.52
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.530.960.57
Cash Retained (M)3.523.523.52
(-) Cash Required (M)-1.53-0.96-0.57
(=) Excess Retained (M)1.992.572.95
(/) Shares Outstanding (M)28.3928.3928.39
(=) Excess Retained per Share0.070.090.10
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.070.090.10
(=) Adjusted Dividend0.220.240.25
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate-13.24%-12.24%-11.24%
Fair Value$0.95$1.10$1.24
Upside / Downside-67.73%-62.39%-57.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7.656.725.895.174.543.984.10
Payout Ratio53.98%61.18%68.39%75.59%82.80%90.00%92.50%
Projected Dividends (M)4.134.114.033.913.763.593.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate-13.24%-12.24%-11.24%
Year 1 PV (M)3.813.863.90
Year 2 PV (M)3.473.553.63
Year 3 PV (M)3.123.233.34
Year 4 PV (M)2.792.923.05
Year 5 PV (M)2.472.612.76
PV of Terminal Value (M)73.6778.0282.57
Equity Value (M)89.3394.1999.26
Shares Outstanding (M)28.3928.3928.39
Fair Value$3.15$3.32$3.50
Upside / Downside7.38%13.21%19.31%

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