Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Deutsche Lufthansa AG (LHA.DE)

Company Dividend Discount ModelIndustry: Airlines, Airports & Air ServicesSector: Industrials

Valuation Snapshot

Stable Growth$15.65 - $25.97$20.21
Multi-Stage$40.04 - $44.14$42.05
Blended Fair Value$31.13
Current Price$7.21
Upside331.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.48%5.30%0.310.020.010.020.020.320.290.190.190.01
YoY Growth--1,388.00%212.50%-57.89%-9.52%-94.49%9.17%50.43%-0.43%1,564.29%-93.69%
Dividend Yield--4.63%0.29%0.07%0.22%0.22%5.21%2.08%1.05%1.79%0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,643.00
(-) Cash Dividends Paid (M)369.00
(=) Cash Retained (M)1,274.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)328.60205.38123.23
Cash Retained (M)1,274.001,274.001,274.00
(-) Cash Required (M)-328.60-205.38-123.23
(=) Excess Retained (M)945.401,068.631,150.78
(/) Shares Outstanding (M)1,197.951,197.951,197.95
(=) Excess Retained per Share0.790.890.96
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share0.790.890.96
(=) Adjusted Dividend1.101.201.27
WACC / Discount Rate5.54%5.54%5.54%
Growth Rate-1.37%-0.37%0.63%
Fair Value$15.65$20.21$25.97
Upside / Downside117.00%180.27%260.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,643.001,636.881,630.781,624.701,618.651,612.621,660.99
Payout Ratio22.46%35.97%49.48%62.98%76.49%90.00%92.50%
Projected Dividends (M)369.00588.74806.831,023.301,238.131,451.351,536.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.54%5.54%5.54%
Growth Rate-1.37%-0.37%0.63%
Year 1 PV (M)552.21557.81563.41
Year 2 PV (M)709.83724.30738.91
Year 3 PV (M)844.42870.36896.84
Year 4 PV (M)958.32997.781,038.44
Year 5 PV (M)1,053.661,108.171,164.91
PV of Terminal Value (M)43,845.2446,113.5548,474.78
Equity Value (M)47,963.6850,371.9752,877.29
Shares Outstanding (M)1,197.951,197.951,197.95
Fair Value$40.04$42.05$44.14
Upside / Downside455.31%483.20%512.20%

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