Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bouygues S.A. (EN.PA)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$455.83 - $537.23$503.38
Multi-Stage$292.40 - $321.30$306.57
Blended Fair Value$404.98
Current Price$38.32
Upside956.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.62%20.63%1.891.771.791.701.701.661.631.491.451.42
YoY Growth--7.00%-1.32%5.10%0.15%2.38%1.77%9.15%2.90%2.60%389.09%
Dividend Yield--5.19%4.68%5.75%5.38%4.97%6.21%5.00%3.67%3.81%3.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,046.00
(-) Cash Dividends Paid (M)755.00
(=) Cash Retained (M)291.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)209.20130.7578.45
Cash Retained (M)291.00291.00291.00
(-) Cash Required (M)-209.20-130.75-78.45
(=) Excess Retained (M)81.80160.25212.55
(/) Shares Outstanding (M)380.11380.11380.11
(=) Excess Retained per Share0.220.420.56
LTM Dividend per Share1.991.991.99
(+) Excess Retained per Share0.220.420.56
(=) Adjusted Dividend2.202.412.55
WACC / Discount Rate2.14%2.14%2.14%
Growth Rate3.53%4.53%5.53%
Fair Value$455.83$503.38$537.23
Upside / Downside1,089.53%1,213.62%1,301.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,046.001,093.361,142.861,194.601,248.691,305.221,344.38
Payout Ratio72.18%75.74%79.31%82.87%86.44%90.00%92.50%
Projected Dividends (M)755.00828.15906.38989.991,079.311,174.701,243.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.14%2.14%2.14%
Growth Rate3.53%4.53%5.53%
Year 1 PV (M)803.06810.82818.57
Year 2 PV (M)852.28868.83885.53
Year 3 PV (M)902.70929.11956.03
Year 4 PV (M)954.33991.741,030.24
Year 5 PV (M)1,007.201,056.791,108.32
PV of Terminal Value (M)106,623.31111,873.28117,328.04
Equity Value (M)111,142.89116,530.57122,126.74
Shares Outstanding (M)380.11380.11380.11
Fair Value$292.40$306.57$321.30
Upside / Downside663.05%700.04%738.46%

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