Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Traton SE (8TRA.DE)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$31.43 - $47.87$39.13
Multi-Stage$66.63 - $73.30$69.90
Blended Fair Value$54.52
Current Price$27.28
Upside99.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-25.42%0.00%1.500.700.500.271.006.490.000.000.000.00
YoY Growth--114.29%40.00%85.19%-73.05%-84.58%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.82%2.08%2.64%1.60%4.35%50.97%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,780.00
(-) Cash Dividends Paid (M)850.00
(=) Cash Retained (M)930.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)356.00222.50133.50
Cash Retained (M)930.00930.00930.00
(-) Cash Required (M)-356.00-222.50-133.50
(=) Excess Retained (M)574.00707.50796.50
(/) Shares Outstanding (M)500.54500.54500.54
(=) Excess Retained per Share1.151.411.59
LTM Dividend per Share1.701.701.70
(+) Excess Retained per Share1.151.411.59
(=) Adjusted Dividend2.843.113.29
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate-2.00%-1.00%0.00%
Fair Value$31.43$39.13$47.87
Upside / Downside15.20%43.45%75.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,780.001,762.201,744.581,727.131,709.861,692.761,743.55
Payout Ratio47.75%56.20%64.65%73.10%81.55%90.00%92.50%
Projected Dividends (M)850.00990.401,127.901,262.551,394.401,523.491,612.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)917.35926.71936.07
Year 2 PV (M)967.67987.511,007.56
Year 3 PV (M)1,003.301,034.331,065.99
Year 4 PV (M)1,026.351,068.891,112.74
Year 5 PV (M)1,038.671,092.751,149.07
PV of Terminal Value (M)28,398.1729,876.9331,416.66
Equity Value (M)33,351.5134,987.1336,688.09
Shares Outstanding (M)500.54500.54500.54
Fair Value$66.63$69.90$73.30
Upside / Downside144.25%156.23%168.69%

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