Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pirelli & C. S.p.A. (PIRC.MI)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$77.74 - $91.69$85.88
Multi-Stage$47.98 - $52.91$50.39
Blended Fair Value$68.14
Current Price$5.79
Upside1,076.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.93%2.47%0.200.220.180.080.000.180.010.010.000.19
YoY Growth---8.29%20.21%131.93%0.00%-100.00%2,120.51%-34.34%520.65%-98.92%18.40%
Dividend Yield--3.66%3.87%3.93%1.59%0.00%5.57%0.14%0.17%0.03%2.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)496.17
(-) Cash Dividends Paid (M)256.35
(=) Cash Retained (M)239.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)99.2362.0237.21
Cash Retained (M)239.82239.82239.82
(-) Cash Required (M)-99.23-62.02-37.21
(=) Excess Retained (M)140.59177.80202.61
(/) Shares Outstanding (M)1,020.411,020.411,020.41
(=) Excess Retained per Share0.140.170.20
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.140.170.20
(=) Adjusted Dividend0.390.430.45
WACC / Discount Rate0.00%0.00%0.00%
Growth Rate-0.07%0.93%1.93%
Fair Value$77.74$85.88$91.69
Upside / Downside1,242.74%1,383.31%1,483.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)496.17500.78505.44510.14514.89519.67535.26
Payout Ratio51.67%59.33%67.00%74.67%82.33%90.00%92.50%
Projected Dividends (M)256.35297.13338.64380.90423.92467.71495.12

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.00%0.00%0.00%
Growth Rate-0.07%0.93%1.93%
Year 1 PV (M)294.18297.13300.07
Year 2 PV (M)331.97338.65345.39
Year 3 PV (M)369.70380.91392.34
Year 4 PV (M)407.38423.93440.98
Year 5 PV (M)445.00467.72491.36
PV of Terminal Value (M)47,108.7249,513.4552,015.40
Equity Value (M)48,956.9551,421.7953,985.55
Shares Outstanding (M)1,020.411,020.411,020.41
Fair Value$47.98$50.39$52.91
Upside / Downside728.63%770.35%813.74%

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