Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Epsilon Net S.A. (EPSIL.AT)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$16.97 - $52.77$27.18
Multi-Stage$11.05 - $12.08$11.56
Blended Fair Value$19.37
Current Price$9.56
Upside102.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%0.00%0.070.030.010.010.000.000.000.000.000.00
YoY Growth--111.43%201.21%80.62%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%
Dividend Yield--0.77%0.54%0.22%0.55%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35.15
(-) Cash Dividends Paid (M)5.91
(=) Cash Retained (M)29.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.034.392.64
Cash Retained (M)29.2529.2529.25
(-) Cash Required (M)-7.03-4.39-2.64
(=) Excess Retained (M)22.2224.8526.61
(/) Shares Outstanding (M)54.2854.2854.28
(=) Excess Retained per Share0.410.460.49
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.410.460.49
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate8.72%8.72%8.72%
Growth Rate5.50%6.50%7.50%
Fair Value$16.97$27.18$52.77
Upside / Downside77.54%184.31%451.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35.1537.4439.8742.4645.2248.1649.61
Payout Ratio16.81%31.44%46.08%60.72%75.36%90.00%92.50%
Projected Dividends (M)5.9111.7718.3725.7934.0843.3545.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.72%8.72%8.72%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)10.7310.8310.93
Year 2 PV (M)15.2515.5515.84
Year 3 PV (M)19.5020.0620.64
Year 4 PV (M)23.4924.3925.32
Year 5 PV (M)27.2228.5429.90
PV of Terminal Value (M)503.77528.11553.37
Equity Value (M)599.97627.48656.00
Shares Outstanding (M)54.2854.2854.28
Fair Value$11.05$11.56$12.08
Upside / Downside15.61%20.91%26.41%

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