Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Havas S.A. (HAVAS.AS)

Company Dividend Discount ModelIndustry: Advertising AgenciesSector: Communication Services

Valuation Snapshot

Stable Growth$36.38 - $61.68$47.40
Multi-Stage$144.59 - $159.44$151.87
Blended Fair Value$99.64
Current Price$14.60
Upside582.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%2.060.750.680.290.000.000.000.000.000.00
YoY Growth--176.47%10.39%133.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--12.72%4.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)348.00
(-) Cash Dividends Paid (M)314.00
(=) Cash Retained (M)34.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)69.6043.5026.10
Cash Retained (M)34.0034.0034.00
(-) Cash Required (M)-69.60-43.50-26.10
(=) Excess Retained (M)-35.60-9.507.90
(/) Shares Outstanding (M)114.02114.02114.02
(=) Excess Retained per Share-0.31-0.080.07
LTM Dividend per Share2.752.752.75
(+) Excess Retained per Share-0.31-0.080.07
(=) Adjusted Dividend2.442.672.82
WACC / Discount Rate4.58%4.58%4.58%
Growth Rate-2.00%-1.00%0.00%
Fair Value$36.38$47.40$61.68
Upside / Downside149.18%224.69%322.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)348.00344.52341.07337.66334.29330.94340.87
Payout Ratio90.23%90.18%90.14%90.09%90.05%90.00%92.50%
Projected Dividends (M)314.00310.70307.44304.21301.01297.85315.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.58%4.58%4.58%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)294.10297.10300.10
Year 2 PV (M)275.46281.11286.82
Year 3 PV (M)258.01265.99274.13
Year 4 PV (M)241.66251.67262.00
Year 5 PV (M)226.34238.13250.40
PV of Terminal Value (M)15,190.6415,981.6516,805.28
Equity Value (M)16,486.2117,315.6518,178.72
Shares Outstanding (M)114.02114.02114.02
Fair Value$144.59$151.87$159.44
Upside / Downside890.35%940.18%992.03%

High-Yield Dividend Screener

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