Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Doha Insurance Group Q.P.S.C. (DOHI.QA)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$7.59 - $16.12$10.78
Multi-Stage$5.75 - $6.27$6.01
Blended Fair Value$8.40
Current Price$2.52
Upside233.14%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.95%5.45%0.180.150.120.100.080.080.080.060.100.10
YoY Growth--17.15%28.41%17.84%26.10%-2.14%6.67%25.00%-40.00%0.00%-2.87%
Dividend Yield--7.31%6.54%5.98%5.15%3.98%7.64%6.27%4.39%6.04%5.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)201.65
(-) Cash Dividends Paid (M)93.57
(=) Cash Retained (M)108.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)40.3325.2115.12
Cash Retained (M)108.08108.08108.08
(-) Cash Required (M)-40.33-25.21-15.12
(=) Excess Retained (M)67.7582.8792.95
(/) Shares Outstanding (M)498.78498.78498.78
(=) Excess Retained per Share0.140.170.19
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share0.140.170.19
(=) Adjusted Dividend0.320.350.37
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate5.50%6.50%7.50%
Fair Value$7.59$10.78$16.12
Upside / Downside201.28%327.84%539.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)201.65214.76228.72243.59259.42276.28284.57
Payout Ratio46.40%55.12%63.84%72.56%81.28%90.00%92.50%
Projected Dividends (M)93.57118.38146.02176.75210.86248.65263.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)106.61107.63108.64
Year 2 PV (M)118.43120.69122.97
Year 3 PV (M)129.11132.81136.59
Year 4 PV (M)138.71144.05149.54
Year 5 PV (M)147.32154.43161.82
PV of Terminal Value (M)2,229.712,337.402,449.22
Equity Value (M)2,869.892,997.013,128.77
Shares Outstanding (M)498.78498.78498.78
Fair Value$5.75$6.01$6.27
Upside / Downside128.32%138.44%148.92%

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