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Skue Sparebank (SKUE.OL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$9,299.24 - $33,156.48$30,275.96
Multi-Stage$4,176.58 - $4,572.28$4,370.80
Blended Fair Value$17,323.38
Current Price$337.25
Upside5,036.66%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.36%18.50%15.5111.4110.045.488.708.295.800.004.503.71
YoY Growth--36.00%13.63%83.34%-37.08%5.00%42.86%0.00%-100.00%21.18%30.72%
Dividend Yield--4.92%4.87%4.40%2.36%5.12%6.09%4.23%0.00%4.51%4.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)382.25
(-) Cash Dividends Paid (M)74.60
(=) Cash Retained (M)307.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)76.4547.7828.67
Cash Retained (M)307.65307.65307.65
(-) Cash Required (M)-76.45-47.78-28.67
(=) Excess Retained (M)231.20259.87278.98
(/) Shares Outstanding (M)2.292.292.29
(=) Excess Retained per Share100.84113.34121.68
LTM Dividend per Share32.5432.5432.54
(+) Excess Retained per Share100.84113.34121.68
(=) Adjusted Dividend133.38145.88154.22
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Fair Value$9,299.24$30,275.96$33,156.48
Upside / Downside2,657.37%8,877.30%9,731.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)382.25407.09433.55461.74491.75523.71539.42
Payout Ratio19.52%33.61%47.71%61.81%75.90%90.00%92.50%
Projected Dividends (M)74.60136.83206.84285.38373.25471.34498.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)126.66127.87129.07
Year 2 PV (M)177.25180.62184.03
Year 3 PV (M)226.37232.87239.49
Year 4 PV (M)274.07284.61295.45
Year 5 PV (M)320.38335.85351.92
PV of Terminal Value (M)8,451.118,859.309,283.11
Equity Value (M)9,575.8410,021.1210,483.07
Shares Outstanding (M)2.292.292.29
Fair Value$4,176.58$4,370.80$4,572.28
Upside / Downside1,138.42%1,196.01%1,255.75%

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