Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ackermans & Van Haaren N.V. (ACKB.BR)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$4,941.51 - $5,822.26$5,456.16
Multi-Stage$3,272.03 - $3,591.95$3,428.99
Blended Fair Value$4,442.58
Current Price$217.00
Upside1,947.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.72%7.04%3.403.132.782.382.352.342.232.071.981.84
YoY Growth--8.57%12.54%16.94%1.40%0.09%5.10%7.96%4.09%7.65%7.10%
Dividend Yield--1.78%1.97%1.74%1.41%1.91%1.68%1.69%1.42%1.50%1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)961.62
(-) Cash Dividends Paid (M)235.73
(=) Cash Retained (M)725.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)192.32120.2072.12
Cash Retained (M)725.88725.88725.88
(-) Cash Required (M)-192.32-120.20-72.12
(=) Excess Retained (M)533.56605.68653.76
(/) Shares Outstanding (M)32.7532.7532.75
(=) Excess Retained per Share16.2918.4919.96
LTM Dividend per Share7.207.207.20
(+) Excess Retained per Share16.2918.4919.96
(=) Adjusted Dividend23.4925.6927.16
WACC / Discount Rate2.59%2.59%2.59%
Growth Rate5.19%6.19%7.19%
Fair Value$4,941.51$5,456.16$5,822.26
Upside / Downside2,177.20%2,414.36%2,583.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)961.621,021.161,084.391,151.531,222.831,298.551,337.50
Payout Ratio24.51%37.61%50.71%63.81%76.90%90.00%92.50%
Projected Dividends (M)235.73384.07549.88734.74940.391,168.691,237.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.59%2.59%2.59%
Growth Rate5.19%6.19%7.19%
Year 1 PV (M)370.84374.36377.89
Year 2 PV (M)512.64522.43532.32
Year 3 PV (M)661.38680.42699.83
Year 4 PV (M)817.33848.86881.29
Year 5 PV (M)980.761,028.271,077.60
PV of Terminal Value (M)103,823.94108,853.65114,076.42
Equity Value (M)107,166.89112,307.99117,645.34
Shares Outstanding (M)32.7532.7532.75
Fair Value$3,272.03$3,428.99$3,591.95
Upside / Downside1,407.85%1,480.18%1,555.28%

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