Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Euwax AG (EUX.F)

Company Dividend Discount ModelIndustry: Financial - Data & Stock ExchangesSector: Financial Services

Valuation Snapshot

Stable Growth$14.81 - $21.02$17.87
Multi-Stage$24.59 - $26.88$25.71
Blended Fair Value$21.79
Current Price$43.40
Upside-49.79%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS10.68%0.00%1.280.831.142.720.820.770.901.501.960.00
YoY Growth--53.46%-27.30%-57.96%232.51%6.49%-14.35%-40.33%-23.08%0.00%0.00%
Dividend Yield--3.27%1.69%2.14%4.22%1.15%1.35%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11.50
(-) Cash Dividends Paid (M)9.50
(=) Cash Retained (M)2.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.301.440.86
Cash Retained (M)2.002.002.00
(-) Cash Required (M)-2.30-1.44-0.86
(=) Excess Retained (M)-0.300.561.14
(/) Shares Outstanding (M)5.155.155.15
(=) Excess Retained per Share-0.060.110.22
LTM Dividend per Share1.851.851.85
(+) Excess Retained per Share-0.060.110.22
(=) Adjusted Dividend1.791.962.07
WACC / Discount Rate9.84%9.84%9.84%
Growth Rate-2.00%-1.00%0.00%
Fair Value$14.81$17.87$21.02
Upside / Downside-65.88%-58.82%-51.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11.5011.3911.2711.1611.0510.9411.27
Payout Ratio82.61%84.09%85.56%87.04%88.52%90.00%92.50%
Projected Dividends (M)9.509.589.659.729.789.8510.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.84%9.84%9.84%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)8.638.728.81
Year 2 PV (M)7.848.008.16
Year 3 PV (M)7.117.337.56
Year 4 PV (M)6.456.727.00
Year 5 PV (M)5.856.166.48
PV of Terminal Value (M)90.6595.37100.29
Equity Value (M)126.54132.30138.28
Shares Outstanding (M)5.155.155.15
Fair Value$24.59$25.71$26.88
Upside / Downside-43.33%-40.75%-38.08%

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