Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Spinneys 1961 Hold (SPINNEYS.AE)

Company Dividend Discount ModelIndustry: Grocery StoresSector: Consumer Defensive

Valuation Snapshot

Stable Growth$0.97 - $1.58$1.25
Multi-Stage$2.86 - $3.15$3.00
Blended Fair Value$2.12
Current Price$1.54
Upside37.85%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%0.030.050.060.050.000.000.000.000.000.00
YoY Growth---48.09%-9.64%10.92%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.85%3.43%3.80%0.00%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)329.61
(-) Cash Dividends Paid (M)220.32
(=) Cash Retained (M)109.29
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)65.9241.2024.72
Cash Retained (M)109.29109.29109.29
(-) Cash Required (M)-65.92-41.20-24.72
(=) Excess Retained (M)43.3668.0984.57
(/) Shares Outstanding (M)3,599.533,599.533,599.53
(=) Excess Retained per Share0.010.020.02
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.010.020.02
(=) Adjusted Dividend0.070.080.08
WACC / Discount Rate5.37%5.37%5.37%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.97$1.25$1.58
Upside / Downside-36.75%-19.14%2.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)329.61326.31323.05319.82316.62313.45322.86
Payout Ratio66.84%71.47%76.11%80.74%85.37%90.00%92.50%
Projected Dividends (M)220.32233.23245.86258.21270.29282.11298.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.37%5.37%5.37%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)219.11221.34223.58
Year 2 PV (M)216.99221.44225.93
Year 3 PV (M)214.09220.71227.47
Year 4 PV (M)210.54219.26228.26
Year 5 PV (M)206.43217.18228.38
PV of Terminal Value (M)9,220.829,700.9710,200.91
Equity Value (M)10,287.9710,800.9011,334.53
Shares Outstanding (M)3,599.533,599.533,599.53
Fair Value$2.86$3.00$3.15
Upside / Downside85.59%94.85%104.47%

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