Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Grenke AG (GLJ.DE)

Company Dividend Discount ModelIndustry: Financial - Credit ServicesSector: Financial Services

Valuation Snapshot

Stable Growth$6.60 - $8.91$7.78
Multi-Stage$13.58 - $14.94$14.25
Blended Fair Value$11.01
Current Price$16.60
Upside-33.65%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.22%7.35%0.480.470.530.270.630.830.690.580.440.36
YoY Growth--3.37%-11.77%96.15%-57.19%-23.86%19.55%20.00%32.17%20.50%52.48%
Dividend Yield--3.56%1.99%2.08%1.07%1.95%1.54%0.79%0.67%0.79%0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)63.37
(-) Cash Dividends Paid (M)34.80
(=) Cash Retained (M)28.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.677.924.75
Cash Retained (M)28.5728.5728.57
(-) Cash Required (M)-12.67-7.92-4.75
(=) Excess Retained (M)15.9020.6523.82
(/) Shares Outstanding (M)44.7644.7644.76
(=) Excess Retained per Share0.360.460.53
LTM Dividend per Share0.780.780.78
(+) Excess Retained per Share0.360.460.53
(=) Adjusted Dividend1.131.241.31
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate-7.00%-6.00%-5.00%
Fair Value$6.60$7.78$8.91
Upside / Downside-60.24%-53.11%-46.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)63.3759.5655.9952.6349.4746.5047.90
Payout Ratio54.91%61.93%68.95%75.97%82.98%90.00%92.50%
Projected Dividends (M)34.8036.8938.6039.9841.0541.8544.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate-7.00%-6.00%-5.00%
Year 1 PV (M)33.4933.8534.21
Year 2 PV (M)31.8332.5233.21
Year 3 PV (M)29.9330.9131.90
Year 4 PV (M)27.9129.1330.38
Year 5 PV (M)25.8327.2528.73
PV of Terminal Value (M)458.75483.95510.25
Equity Value (M)607.74637.60668.69
Shares Outstanding (M)44.7644.7644.76
Fair Value$13.58$14.25$14.94
Upside / Downside-18.20%-14.18%-10.00%

High-Yield Dividend Screener

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