Definitive Analysis
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Flughafen Zürich AG (0RG6.L)

Company Dividend Discount ModelIndustry: Airlines, Airports & Air ServicesSector: Industrials

Valuation Snapshot

Stable Growth$234.51 - $381.84$300.48
Multi-Stage$411.66 - $451.95$431.42
Blended Fair Value$365.95
Current Price$226.00
Upside61.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.14%10.24%5.303.500.000.030.006.906.506.406.202.71
YoY Growth--51.35%0.00%-100.00%0.00%-100.00%6.16%1.56%3.16%128.72%35.70%
Dividend Yield--2.43%1.99%0.00%0.02%0.00%3.90%3.99%2.87%3.28%1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)654.10
(-) Cash Dividends Paid (M)337.70
(=) Cash Retained (M)316.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)130.8281.7649.06
Cash Retained (M)316.40316.40316.40
(-) Cash Required (M)-130.82-81.76-49.06
(=) Excess Retained (M)185.58234.64267.34
(/) Shares Outstanding (M)30.7130.7130.71
(=) Excess Retained per Share6.047.648.71
LTM Dividend per Share11.0011.0011.00
(+) Excess Retained per Share6.047.648.71
(=) Adjusted Dividend17.0418.6419.70
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate-0.15%0.85%1.85%
Fair Value$234.51$300.48$381.84
Upside / Downside3.77%32.96%68.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)654.10659.68665.30670.97676.69682.46702.94
Payout Ratio51.63%59.30%66.98%74.65%82.33%90.00%92.50%
Projected Dividends (M)337.70391.20445.60500.89557.09614.22650.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate-0.15%0.85%1.85%
Year 1 PV (M)361.62365.24368.86
Year 2 PV (M)380.75388.41396.16
Year 3 PV (M)395.63407.63419.88
Year 4 PV (M)406.74423.28440.32
Year 5 PV (M)414.54435.72457.75
PV of Terminal Value (M)10,681.4411,227.1211,794.88
Equity Value (M)12,640.7213,247.4113,877.85
Shares Outstanding (M)30.7130.7130.71
Fair Value$411.66$431.42$451.95
Upside / Downside82.15%90.89%99.98%

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