Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

James Halstead plc (JHD.L)

Company Dividend Discount ModelIndustry: ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$1.81 - $2.70$2.23
Multi-Stage$2.23 - $2.42$2.32
Blended Fair Value$2.28
Current Price$1.73
Upside31.64%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.89%6.31%0.080.080.080.080.060.070.070.060.100.05
YoY Growth--6.46%0.00%-5.24%35.06%-11.16%4.26%7.10%-36.19%89.66%12.78%
Dividend Yield--4.58%3.67%3.82%3.15%2.34%2.70%3.25%2.61%4.67%2.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)86.85
(-) Cash Dividends Paid (M)68.77
(=) Cash Retained (M)18.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.3710.866.51
Cash Retained (M)18.0818.0818.08
(-) Cash Required (M)-17.37-10.86-6.51
(=) Excess Retained (M)0.717.2311.57
(/) Shares Outstanding (M)416.78416.78416.78
(=) Excess Retained per Share0.000.020.03
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.000.020.03
(=) Adjusted Dividend0.170.180.19
WACC / Discount Rate11.30%11.30%11.30%
Growth Rate1.89%2.89%3.89%
Fair Value$1.81$2.23$2.70
Upside / Downside4.41%29.03%56.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)86.8589.3691.9594.6197.35100.17103.17
Payout Ratio79.18%81.34%83.51%85.67%87.84%90.00%92.50%
Projected Dividends (M)68.7772.6976.7881.0585.5190.1595.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate11.30%11.30%11.30%
Growth Rate1.89%2.89%3.89%
Year 1 PV (M)64.6865.3165.95
Year 2 PV (M)60.7961.9963.20
Year 3 PV (M)57.0958.7960.52
Year 4 PV (M)53.5955.7257.92
Year 5 PV (M)50.2752.7955.40
PV of Terminal Value (M)641.30673.39706.76
Equity Value (M)927.72967.991,009.75
Shares Outstanding (M)416.78416.78416.78
Fair Value$2.23$2.32$2.42
Upside / Downside28.67%34.25%40.04%

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