Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fras-le S.A. (FRAS3.SA)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$107.77 - $263.43$246.87
Multi-Stage$37.95 - $41.57$39.73
Blended Fair Value$143.30
Current Price$22.56
Upside535.19%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.26%28.36%0.610.410.260.270.050.260.170.150.070.05
YoY Growth--46.32%58.70%-3.39%416.14%-80.03%53.06%12.25%131.62%28.50%2.71%
Dividend Yield--2.24%2.33%2.81%1.89%0.43%6.78%3.48%2.78%1.52%1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)356.08
(-) Cash Dividends Paid (M)72.81
(=) Cash Retained (M)283.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)71.2244.5126.71
Cash Retained (M)283.27283.27283.27
(-) Cash Required (M)-71.22-44.51-26.71
(=) Excess Retained (M)212.05238.76256.56
(/) Shares Outstanding (M)268.82268.82268.82
(=) Excess Retained per Share0.790.890.95
LTM Dividend per Share0.270.270.27
(+) Excess Retained per Share0.790.890.95
(=) Adjusted Dividend1.061.161.23
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Fair Value$107.77$246.87$263.43
Upside / Downside377.69%994.29%1,067.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)356.08379.22403.87430.12458.08487.85502.49
Payout Ratio20.45%34.36%48.27%62.18%76.09%90.00%92.50%
Projected Dividends (M)72.81130.29194.94267.44348.55439.07464.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)121.15122.30123.44
Year 2 PV (M)168.54171.75174.99
Year 3 PV (M)215.00221.17227.46
Year 4 PV (M)260.54270.56280.86
Year 5 PV (M)305.17319.91335.21
PV of Terminal Value (M)9,132.549,573.6410,031.63
Equity Value (M)10,202.9310,679.3211,173.60
Shares Outstanding (M)268.82268.82268.82
Fair Value$37.95$39.73$41.57
Upside / Downside68.24%76.09%84.24%

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