Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Henkel AG & Co. KGaA (HEN.DE)

Company Dividend Discount ModelIndustry: Household & Personal ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$82.47 - $125.45$102.63
Multi-Stage$132.38 - $145.23$138.68
Blended Fair Value$120.66
Current Price$66.66
Upside81.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.69%3.92%1.841.841.901.901.901.901.841.661.511.35
YoY Growth--0.00%-3.02%-0.38%0.00%0.00%3.37%10.60%10.27%12.23%7.43%
Dividend Yield--2.17%2.51%2.92%2.68%2.06%2.06%1.92%1.53%1.33%1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,871.00
(-) Cash Dividends Paid (M)1,621.00
(=) Cash Retained (M)2,250.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)774.20483.88290.33
Cash Retained (M)2,250.002,250.002,250.00
(-) Cash Required (M)-774.20-483.88-290.33
(=) Excess Retained (M)1,475.801,766.131,959.68
(/) Shares Outstanding (M)419.27419.27419.27
(=) Excess Retained per Share3.524.214.67
LTM Dividend per Share3.873.873.87
(+) Excess Retained per Share3.524.214.67
(=) Adjusted Dividend7.398.088.54
WACC / Discount Rate8.33%8.33%8.33%
Growth Rate-0.58%0.42%1.42%
Fair Value$82.47$102.63$125.45
Upside / Downside23.72%53.97%88.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,871.003,887.363,903.793,920.283,936.853,953.494,072.09
Payout Ratio41.88%51.50%61.13%70.75%80.38%90.00%92.50%
Projected Dividends (M)1,621.002,002.002,386.202,773.613,164.253,558.143,766.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.33%8.33%8.33%
Growth Rate-0.58%0.42%1.42%
Year 1 PV (M)1,829.711,848.111,866.51
Year 2 PV (M)1,993.152,033.442,074.14
Year 3 PV (M)2,117.362,181.892,247.72
Year 4 PV (M)2,207.682,297.852,390.75
Year 5 PV (M)2,268.842,385.262,506.41
PV of Terminal Value (M)45,086.1747,399.6549,807.13
Equity Value (M)55,502.9058,146.2060,892.67
Shares Outstanding (M)419.27419.27419.27
Fair Value$132.38$138.68$145.23
Upside / Downside98.59%108.05%117.87%

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