Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Qatar International Islamic Bank (Q.P.S.C) (QIIK.QA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$29.37 - $172.81$54.04
Multi-Stage$17.95 - $19.60$18.76
Blended Fair Value$36.40
Current Price$10.85
Upside235.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.85%6.20%0.680.400.380.330.420.390.400.400.400.40
YoY Growth--70.71%6.58%14.66%-21.65%7.12%-2.29%0.00%0.00%0.00%6.67%
Dividend Yield--6.71%3.72%3.80%2.96%4.79%5.38%5.63%7.92%5.84%5.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,317.89
(-) Cash Dividends Paid (M)774.27
(=) Cash Retained (M)543.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)263.58164.7498.84
Cash Retained (M)543.62543.62543.62
(-) Cash Required (M)-263.58-164.74-98.84
(=) Excess Retained (M)280.04378.88444.78
(/) Shares Outstanding (M)1,513.871,513.871,513.87
(=) Excess Retained per Share0.180.250.29
LTM Dividend per Share0.510.510.51
(+) Excess Retained per Share0.180.250.29
(=) Adjusted Dividend0.700.760.81
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate5.48%6.48%7.48%
Fair Value$29.37$54.04$172.81
Upside / Downside170.73%398.08%1,492.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,317.891,403.261,494.161,590.961,694.021,803.751,857.87
Payout Ratio58.75%65.00%71.25%77.50%83.75%90.00%92.50%
Projected Dividends (M)774.27912.131,064.601,233.001,418.741,623.381,718.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate5.48%6.48%7.48%
Year 1 PV (M)836.80844.73852.66
Year 2 PV (M)896.01913.08930.31
Year 3 PV (M)952.03979.371,007.22
Year 4 PV (M)1,004.981,043.641,083.40
Year 5 PV (M)1,054.971,105.931,158.85
PV of Terminal Value (M)22,431.3523,515.0224,640.18
Equity Value (M)27,176.1428,401.7829,672.63
Shares Outstanding (M)1,513.871,513.871,513.87
Fair Value$17.95$18.76$19.60
Upside / Downside65.45%72.91%80.65%

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