Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TCM Group A/S (TCM.CO)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$77.88 - $133.18$101.84
Multi-Stage$324.82 - $358.57$341.36
Blended Fair Value$221.60
Current Price$73.60
Upside201.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.005.2012.440.004.540.000.000.000.00
YoY Growth--0.00%-100.00%-58.15%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%7.77%9.87%0.00%4.95%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)67.00
(-) Cash Dividends Paid (M)31.00
(=) Cash Retained (M)36.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.408.385.03
Cash Retained (M)36.0036.0036.00
(-) Cash Required (M)-13.40-8.38-5.03
(=) Excess Retained (M)22.6027.6330.98
(/) Shares Outstanding (M)10.4510.4510.45
(=) Excess Retained per Share2.162.642.96
LTM Dividend per Share2.972.972.97
(+) Excess Retained per Share2.162.642.96
(=) Adjusted Dividend5.135.615.93
WACC / Discount Rate4.45%4.45%4.45%
Growth Rate-2.00%-1.00%0.00%
Fair Value$77.88$101.84$133.18
Upside / Downside5.82%38.37%80.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)67.0066.3365.6765.0164.3663.7265.63
Payout Ratio46.27%55.01%63.76%72.51%81.25%90.00%92.50%
Projected Dividends (M)31.0036.4941.8747.1452.2957.3460.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.45%4.45%4.45%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)34.5834.9435.29
Year 2 PV (M)37.6138.3839.16
Year 3 PV (M)40.1241.3642.63
Year 4 PV (M)42.1943.9345.74
Year 5 PV (M)43.8446.1248.50
PV of Terminal Value (M)3,197.303,363.793,537.14
Equity Value (M)3,395.633,568.523,748.45
Shares Outstanding (M)10.4510.4510.45
Fair Value$324.82$341.36$358.57
Upside / Downside341.33%363.80%387.19%

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