Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Games Operators S.A. (GOP.WA)

Company Dividend Discount ModelIndustry: Electronic Gaming & MultimediaSector: Technology

Valuation Snapshot

Stable Growth$9.29 - $14.16$11.57
Multi-Stage$20.61 - $22.62$21.60
Blended Fair Value$16.59
Current Price$15.50
Upside7.00%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%0.210.600.430.330.000.000.000.000.000.00
YoY Growth---65.00%38.36%29.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.20%1.78%3.15%4.06%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5.79
(-) Cash Dividends Paid (M)5.50
(=) Cash Retained (M)0.29
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.160.720.43
Cash Retained (M)0.290.290.29
(-) Cash Required (M)-1.16-0.72-0.43
(=) Excess Retained (M)-0.87-0.43-0.14
(/) Shares Outstanding (M)5.525.525.52
(=) Excess Retained per Share-0.16-0.08-0.03
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share-0.16-0.08-0.03
(=) Adjusted Dividend0.840.920.97
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate-2.00%-1.00%0.00%
Fair Value$9.29$11.57$14.16
Upside / Downside-40.05%-25.32%-8.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5.795.735.685.625.565.515.67
Payout Ratio94.94%93.95%92.96%91.98%90.99%90.00%92.50%
Projected Dividends (M)5.505.395.285.175.064.965.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4.995.045.09
Year 2 PV (M)4.534.624.72
Year 3 PV (M)4.114.244.37
Year 4 PV (M)3.733.884.04
Year 5 PV (M)3.383.563.74
PV of Terminal Value (M)93.0997.94102.99
Equity Value (M)113.84119.29124.95
Shares Outstanding (M)5.525.525.52
Fair Value$20.61$21.60$22.62
Upside / Downside32.96%39.33%45.94%

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