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Qatari Investors Group Q.S.C. (QIGD.QA)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$1.04 - $1.54$1.28
Multi-Stage$2.85 - $3.13$2.99
Blended Fair Value$2.14
Current Price$1.50
Upside42.40%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.87%7.18%0.150.150.100.090.060.080.080.100.130.08
YoY Growth--0.00%50.00%10.42%64.66%-26.67%0.00%-25.00%-20.00%66.67%0.00%
Dividend Yield--10.17%9.02%5.94%3.54%2.91%6.55%3.02%3.04%2.05%1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)166.33
(-) Cash Dividends Paid (M)161.62
(=) Cash Retained (M)4.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)33.2720.7912.47
Cash Retained (M)4.704.704.70
(-) Cash Required (M)-33.27-20.79-12.47
(=) Excess Retained (M)-28.56-16.09-7.77
(/) Shares Outstanding (M)1,238.611,238.611,238.61
(=) Excess Retained per Share-0.02-0.01-0.01
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share-0.02-0.01-0.01
(=) Adjusted Dividend0.110.120.12
WACC / Discount Rate6.30%6.30%6.30%
Growth Rate-3.62%-2.62%-1.62%
Fair Value$1.04$1.28$1.54
Upside / Downside-30.37%-14.42%2.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)166.33161.98157.74153.61149.60145.68150.05
Payout Ratio97.17%95.74%94.30%92.87%91.43%90.00%92.50%
Projected Dividends (M)161.62155.07148.75142.66136.78131.11138.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.30%6.30%6.30%
Growth Rate-3.62%-2.62%-1.62%
Year 1 PV (M)144.39145.89147.38
Year 2 PV (M)128.96131.65134.37
Year 3 PV (M)115.15118.78122.47
Year 4 PV (M)102.80107.13111.60
Year 5 PV (M)91.7596.61101.67
PV of Terminal Value (M)2,945.343,101.333,263.87
Equity Value (M)3,528.393,701.393,881.37
Shares Outstanding (M)1,238.611,238.611,238.61
Fair Value$2.85$2.99$3.13
Upside / Downside89.91%99.22%108.91%

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