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Gulf International Services Q.P.S.C. (GISS.QA)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$18.77 - $75.01$50.51
Multi-Stage$11.30 - $12.38$11.83
Blended Fair Value$31.17
Current Price$3.15
Upside889.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS103.56%-0.64%0.150.100.000.010.000.000.000.100.100.52
YoY Growth--50.00%10,167.46%-92.70%663.35%-59.25%-10.20%-95.34%0.51%-80.53%227.80%
Dividend Yield--4.89%3.69%0.05%0.68%0.12%0.44%0.30%5.26%3.61%14.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)706.55
(-) Cash Dividends Paid (M)319.53
(=) Cash Retained (M)387.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)141.3188.3252.99
Cash Retained (M)387.01387.01387.01
(-) Cash Required (M)-141.31-88.32-52.99
(=) Excess Retained (M)245.70298.70334.02
(/) Shares Outstanding (M)1,858.411,858.411,858.41
(=) Excess Retained per Share0.130.160.18
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.130.160.18
(=) Adjusted Dividend0.300.330.35
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate4.65%5.65%6.65%
Fair Value$18.77$50.51$75.01
Upside / Downside495.86%1,503.63%2,281.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)706.55746.45788.60833.13880.18929.88957.78
Payout Ratio45.22%54.18%63.13%72.09%81.04%90.00%92.50%
Projected Dividends (M)319.53404.42497.88600.60713.34836.89885.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate4.65%5.65%6.65%
Year 1 PV (M)376.70380.30383.90
Year 2 PV (M)431.96440.26448.63
Year 3 PV (M)485.37499.42513.73
Year 4 PV (M)536.96557.78579.20
Year 5 PV (M)586.78615.36645.04
PV of Terminal Value (M)18,582.5019,487.5020,427.41
Equity Value (M)21,000.2821,980.6222,997.92
Shares Outstanding (M)1,858.411,858.411,858.41
Fair Value$11.30$11.83$12.38
Upside / Downside258.73%275.48%292.86%

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