Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Cloetta AB (publ) (CLA-B.ST)

Company Dividend Discount ModelIndustry: Food ConfectionersSector: Consumer Defensive

Valuation Snapshot

Stable Growth$24.18 - $37.44$30.32
Multi-Stage$32.35 - $35.40$33.85
Blended Fair Value$32.08
Current Price$33.92
Upside-5.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.14%0.00%1.001.001.010.750.501.011.520.760.500.00
YoY Growth--0.00%-0.70%33.49%50.35%-50.17%-33.72%100.46%50.00%0.00%0.00%
Dividend Yield--3.52%5.49%4.60%2.93%1.96%4.28%6.24%2.38%1.43%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)716.00
(-) Cash Dividends Paid (M)313.00
(=) Cash Retained (M)403.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)143.2089.5053.70
Cash Retained (M)403.00403.00403.00
(-) Cash Required (M)-143.20-89.50-53.70
(=) Excess Retained (M)259.80313.50349.30
(/) Shares Outstanding (M)285.18285.18285.18
(=) Excess Retained per Share0.911.101.22
LTM Dividend per Share1.101.101.10
(+) Excess Retained per Share0.911.101.22
(=) Adjusted Dividend2.012.202.32
WACC / Discount Rate9.32%9.32%9.32%
Growth Rate0.94%1.94%2.94%
Fair Value$24.18$30.32$37.44
Upside / Downside-28.73%-10.61%10.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)716.00729.87744.00758.41773.10788.07811.71
Payout Ratio43.72%52.97%62.23%71.49%80.74%90.00%92.50%
Projected Dividends (M)313.00386.63462.98542.16624.22709.26750.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.32%9.32%9.32%
Growth Rate0.94%1.94%2.94%
Year 1 PV (M)350.19353.66357.12
Year 2 PV (M)379.83387.39395.03
Year 3 PV (M)402.86414.95427.28
Year 4 PV (M)420.12437.02454.42
Year 5 PV (M)432.37454.21476.93
PV of Terminal Value (M)7,239.287,605.067,985.48
Equity Value (M)9,224.639,652.2810,096.27
Shares Outstanding (M)285.18285.18285.18
Fair Value$32.35$33.85$35.40
Upside / Downside-4.64%-0.22%4.37%

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