Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bell Food Group AG (0RFX.L)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$981.43 - $2,835.40$1,539.58
Multi-Stage$1,073.56 - $1,177.47$1,124.54
Blended Fair Value$1,332.06
Current Price$249.50
Upside433.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.88%6.25%6.996.996.996.495.505.515.115.295.184.13
YoY Growth--0.00%0.00%7.86%17.97%-0.29%7.79%-3.31%2.15%25.30%8.32%
Dividend Yield--2.67%2.75%2.94%2.22%2.30%2.10%1.63%1.41%1.35%1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)252.40
(-) Cash Dividends Paid (M)87.80
(=) Cash Retained (M)164.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)50.4831.5518.93
Cash Retained (M)164.60164.60164.60
(-) Cash Required (M)-50.48-31.55-18.93
(=) Excess Retained (M)114.12133.05145.67
(/) Shares Outstanding (M)6.286.286.28
(=) Excess Retained per Share18.1821.2023.21
LTM Dividend per Share13.9913.9913.99
(+) Excess Retained per Share18.1821.2023.21
(=) Adjusted Dividend32.1735.1937.20
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate3.05%4.05%5.05%
Fair Value$981.43$1,539.58$2,835.40
Upside / Downside293.36%517.07%1,036.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)252.40262.63273.27284.34295.86307.84317.08
Payout Ratio34.79%45.83%56.87%67.91%78.96%90.00%92.50%
Projected Dividends (M)87.80120.36155.41193.11233.60277.06293.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate3.05%4.05%5.05%
Year 1 PV (M)112.00113.09114.17
Year 2 PV (M)134.58137.20139.85
Year 3 PV (M)155.61160.18164.84
Year 4 PV (M)175.16182.06189.16
Year 5 PV (M)193.32202.89212.83
PV of Terminal Value (M)5,966.936,262.116,568.87
Equity Value (M)6,737.607,057.537,389.73
Shares Outstanding (M)6.286.286.28
Fair Value$1,073.56$1,124.54$1,177.47
Upside / Downside330.28%350.72%371.93%

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