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SpareBank 1 Helgeland (HELG.OL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$1,043.04 - $3,763.19$3,319.80
Multi-Stage$483.51 - $528.64$505.66
Blended Fair Value$1,912.73
Current Price$181.90
Upside951.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS61.36%24.30%12.5811.473.762.271.951.152.892.721.811.67
YoY Growth--9.73%204.63%66.15%16.07%69.70%-60.24%6.41%50.00%8.33%17.07%
Dividend Yield--7.89%8.89%2.96%1.69%1.84%1.77%3.99%3.22%2.27%2.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)542.85
(-) Cash Dividends Paid (M)279.00
(=) Cash Retained (M)263.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)108.5767.8640.71
Cash Retained (M)263.85263.85263.85
(-) Cash Required (M)-108.57-67.86-40.71
(=) Excess Retained (M)155.28195.99223.14
(/) Shares Outstanding (M)28.6928.6928.69
(=) Excess Retained per Share5.416.837.78
LTM Dividend per Share9.739.739.73
(+) Excess Retained per Share5.416.837.78
(=) Adjusted Dividend15.1416.5617.50
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Fair Value$1,043.04$3,319.80$3,763.19
Upside / Downside473.41%1,725.07%1,968.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)542.85578.14615.71655.74698.36743.75766.06
Payout Ratio51.40%59.12%66.84%74.56%82.28%90.00%92.50%
Projected Dividends (M)279.00341.77411.53488.90574.60669.38708.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)316.32319.32322.32
Year 2 PV (M)352.52359.23366.01
Year 3 PV (M)387.62398.74410.08
Year 4 PV (M)421.64437.85454.53
Year 5 PV (M)454.60476.56499.36
PV of Terminal Value (M)11,938.2512,514.8713,113.56
Equity Value (M)13,870.9514,506.5815,165.86
Shares Outstanding (M)28.6928.6928.69
Fair Value$483.51$505.66$528.64
Upside / Downside165.81%177.99%190.62%

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