Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Caisse Régionale de Crédit Agricole Mutuel Alpes Provence Société coopérative (CRAP.PA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$491.85 - $870.34$652.07
Multi-Stage$737.79 - $810.57$773.48
Blended Fair Value$712.77
Current Price$94.51
Upside654.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.57%3.04%3.452.962.331.422.352.512.322.151.902.28
YoY Growth--16.54%26.83%63.72%-39.50%-6.13%8.03%7.73%13.50%-16.79%-10.67%
Dividend Yield--4.10%4.19%3.79%1.80%2.34%1.99%2.13%2.17%2.29%3.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)271.40
(-) Cash Dividends Paid (M)51.80
(=) Cash Retained (M)219.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)54.2833.9320.36
Cash Retained (M)219.60219.60219.60
(-) Cash Required (M)-54.28-33.93-20.36
(=) Excess Retained (M)165.32185.68199.25
(/) Shares Outstanding (M)7.447.447.44
(=) Excess Retained per Share22.2224.9526.78
LTM Dividend per Share6.966.966.96
(+) Excess Retained per Share22.2224.9526.78
(=) Adjusted Dividend29.1831.9233.74
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate1.04%2.04%3.04%
Fair Value$491.85$652.07$870.34
Upside / Downside420.42%589.94%820.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)271.40276.94282.60288.37294.25300.26309.27
Payout Ratio19.09%33.27%47.45%61.63%75.82%90.00%92.50%
Projected Dividends (M)51.8092.13134.09177.73223.09270.24286.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate1.04%2.04%3.04%
Year 1 PV (M)85.2386.0886.92
Year 2 PV (M)114.76117.04119.35
Year 3 PV (M)140.72144.93149.24
Year 4 PV (M)163.40169.97176.73
Year 5 PV (M)183.11192.35201.96
PV of Terminal Value (M)4,802.495,044.895,296.98
Equity Value (M)5,489.715,755.266,031.18
Shares Outstanding (M)7.447.447.44
Fair Value$737.79$773.48$810.57
Upside / Downside680.65%718.41%757.65%

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