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Orell Füssli AG (0QME.L)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$132.57 - $204.94$166.15
Multi-Stage$303.85 - $334.30$318.78
Blended Fair Value$242.46
Current Price$96.80
Upside150.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.24%0.00%3.903.403.403.006.006.004.004.004.000.00
YoY Growth--14.71%0.03%13.32%-50.00%0.03%50.01%-0.01%-0.05%0.00%0.00%
Dividend Yield--5.06%4.52%4.14%3.33%5.61%6.03%4.59%3.54%3.20%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28.00
(-) Cash Dividends Paid (M)16.27
(=) Cash Retained (M)11.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.603.502.10
Cash Retained (M)11.7311.7311.73
(-) Cash Required (M)-5.60-3.50-2.10
(=) Excess Retained (M)6.138.239.63
(/) Shares Outstanding (M)1.961.961.96
(=) Excess Retained per Share3.134.204.91
LTM Dividend per Share8.308.308.30
(+) Excess Retained per Share3.134.204.91
(=) Adjusted Dividend11.4312.5013.21
WACC / Discount Rate6.45%6.45%6.45%
Growth Rate-2.00%-1.00%0.00%
Fair Value$132.57$166.15$204.94
Upside / Downside36.96%71.64%111.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28.0027.7227.4427.1726.9026.6327.43
Payout Ratio58.10%64.48%70.86%77.24%83.62%90.00%92.50%
Projected Dividends (M)16.2717.8719.4520.9822.4923.9625.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.45%6.45%6.45%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)16.6216.7916.96
Year 2 PV (M)16.8217.1617.51
Year 3 PV (M)16.8817.4017.93
Year 4 PV (M)16.8217.5218.24
Year 5 PV (M)16.6717.5318.44
PV of Terminal Value (M)511.81538.46566.21
Equity Value (M)595.61624.86655.28
Shares Outstanding (M)1.961.961.96
Fair Value$303.85$318.78$334.30
Upside / Downside213.90%229.32%245.35%

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