Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Caisse Régionale de Crédit Agricole Mutuel Nord de France Société coopérative (CNDF.PA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$54.53 - $79.24$66.50
Multi-Stage$90.27 - $99.30$94.69
Blended Fair Value$80.60
Current Price$14.54
Upside454.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.890.731.040.990.950.000.000.000.000.00
YoY Growth--22.72%-30.49%5.20%4.81%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.13%5.76%6.32%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)309.60
(-) Cash Dividends Paid (M)43.92
(=) Cash Retained (M)265.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)61.9238.7023.22
Cash Retained (M)265.67265.67265.67
(-) Cash Required (M)-61.92-38.70-23.22
(=) Excess Retained (M)203.75226.97242.45
(/) Shares Outstanding (M)41.8741.8741.87
(=) Excess Retained per Share4.875.425.79
LTM Dividend per Share1.051.051.05
(+) Excess Retained per Share4.875.425.79
(=) Adjusted Dividend5.926.476.84
WACC / Discount Rate8.63%8.63%8.63%
Growth Rate-2.00%-1.00%0.00%
Fair Value$54.53$66.50$79.24
Upside / Downside275.02%357.39%444.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)309.60306.50303.44300.40297.40294.42303.26
Payout Ratio14.19%29.35%44.51%59.67%74.84%90.00%92.50%
Projected Dividends (M)43.9289.96135.07179.26222.56264.98280.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.63%8.63%8.63%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)81.9782.8183.65
Year 2 PV (M)112.16114.46116.78
Year 3 PV (M)135.64139.84144.12
Year 4 PV (M)153.46159.82166.38
Year 5 PV (M)166.49175.16184.19
PV of Terminal Value (M)3,129.833,292.813,462.50
Equity Value (M)3,779.563,964.904,157.62
Shares Outstanding (M)41.8741.8741.87
Fair Value$90.27$94.69$99.30
Upside / Downside520.82%551.27%582.92%

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