Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Caisse Regionale de Credit Agricole Mutuel Toulouse 31 (CAT31.PA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$327.00 - $545.53$423.27
Multi-Stage$1,131.70 - $1,249.50$1,189.42
Blended Fair Value$806.35
Current Price$87.70
Upside819.44%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.20%-0.11%2.812.522.680.452.171.812.093.032.912.85
YoY Growth--11.51%-5.90%490.75%-79.08%19.75%-13.42%-31.10%4.11%2.25%0.31%
Dividend Yield--3.74%3.85%3.80%0.56%2.19%1.35%1.85%2.93%3.20%3.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)129.81
(-) Cash Dividends Paid (M)23.72
(=) Cash Retained (M)106.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.9616.239.74
Cash Retained (M)106.10106.10106.10
(-) Cash Required (M)-25.96-16.23-9.74
(=) Excess Retained (M)80.1489.8796.36
(/) Shares Outstanding (M)4.564.564.56
(=) Excess Retained per Share17.5919.7321.15
LTM Dividend per Share5.215.215.21
(+) Excess Retained per Share17.5919.7321.15
(=) Adjusted Dividend22.8024.9326.36
WACC / Discount Rate4.82%4.82%4.82%
Growth Rate-2.01%-1.01%-0.01%
Fair Value$327.00$423.27$545.53
Upside / Downside272.86%382.63%522.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)129.81128.51127.21125.93124.67123.41127.11
Payout Ratio18.27%32.61%46.96%61.31%75.65%90.00%92.50%
Projected Dividends (M)23.7241.9159.7477.2194.31111.07117.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.82%4.82%4.82%
Growth Rate-2.01%-1.01%-0.01%
Year 1 PV (M)39.5839.9840.39
Year 2 PV (M)53.2854.3755.47
Year 3 PV (M)65.0267.0369.08
Year 4 PV (M)75.0078.1181.32
Year 5 PV (M)83.4187.7692.28
PV of Terminal Value (M)4,839.445,091.465,353.87
Equity Value (M)5,155.735,418.715,692.40
Shares Outstanding (M)4.564.564.56
Fair Value$1,131.70$1,189.42$1,249.50
Upside / Downside1,190.42%1,256.24%1,324.75%

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