Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zumtobel Group AG (T9Z.DE)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$3.07 - $4.62$3.81
Multi-Stage$7.18 - $7.89$7.53
Blended Fair Value$5.67
Current Price$4.69
Upside20.83%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%2.74%0.250.410.360.200.100.000.000.230.200.22
YoY Growth---38.11%14.29%75.00%99.98%0.00%0.00%-100.00%15.01%-9.09%16.48%
Dividend Yield--5.36%7.18%4.47%2.83%1.14%0.00%0.00%3.76%1.19%2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)15.52
(-) Cash Dividends Paid (M)10.68
(=) Cash Retained (M)4.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.101.941.16
Cash Retained (M)4.844.844.84
(-) Cash Required (M)-3.10-1.94-1.16
(=) Excess Retained (M)1.742.903.68
(/) Shares Outstanding (M)42.4742.4742.47
(=) Excess Retained per Share0.040.070.09
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.040.070.09
(=) Adjusted Dividend0.290.320.34
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-2.61%-1.61%-0.61%
Fair Value$3.07$3.81$4.62
Upside / Downside-34.48%-18.85%-1.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)15.5215.2715.0314.7814.5514.3114.74
Payout Ratio68.81%73.05%77.29%81.52%85.76%90.00%92.50%
Projected Dividends (M)10.6811.1611.6112.0512.4812.8813.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-2.61%-1.61%-0.61%
Year 1 PV (M)10.3510.4610.57
Year 2 PV (M)10.0010.2110.42
Year 3 PV (M)9.639.9310.24
Year 4 PV (M)9.259.6410.04
Year 5 PV (M)8.879.339.82
PV of Terminal Value (M)256.70270.15284.16
Equity Value (M)304.81319.73335.24
Shares Outstanding (M)42.4742.4742.47
Fair Value$7.18$7.53$7.89
Upside / Downside53.03%60.51%68.30%

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