Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Patrizia Se (P1Z.SW)

Company Dividend Discount ModelIndustry: Financial - ConglomeratesSector: Financial Services

Valuation Snapshot

Stable Growth$1.74 - $2.50$2.11
Multi-Stage$3.29 - $3.63$3.46
Blended Fair Value$2.79
Current Price$21.00
Upside-86.73%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.60%0.00%0.340.330.330.310.300.290.250.000.000.00
YoY Growth--3.66%-0.10%6.12%2.59%5.83%15.94%0.00%0.00%0.00%0.00%
Dividend Yield--1.62%1.57%1.57%1.48%1.44%1.36%1.15%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)21.76
(-) Cash Dividends Paid (M)0.01
(=) Cash Retained (M)21.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.352.721.63
Cash Retained (M)21.7521.7521.75
(-) Cash Required (M)-4.35-2.72-1.63
(=) Excess Retained (M)17.4019.0320.12
(/) Shares Outstanding (M)86.0786.0786.07
(=) Excess Retained per Share0.200.220.23
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.200.220.23
(=) Adjusted Dividend0.200.220.23
WACC / Discount Rate7.91%7.91%7.91%
Growth Rate-3.31%-2.31%-1.31%
Fair Value$1.74$2.11$2.50
Upside / Downside-91.70%-89.94%-88.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)21.7621.2520.7620.2819.8119.3519.94
Payout Ratio0.02%18.02%36.01%54.01%72.00%90.00%92.50%
Projected Dividends (M)0.013.837.4810.9514.2717.4218.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.91%7.91%7.91%
Growth Rate-3.31%-2.31%-1.31%
Year 1 PV (M)3.513.553.59
Year 2 PV (M)6.296.426.55
Year 3 PV (M)8.458.728.99
Year 4 PV (M)10.1010.5210.96
Year 5 PV (M)11.3111.9012.53
PV of Terminal Value (M)243.82256.69270.10
Equity Value (M)283.48297.81312.72
Shares Outstanding (M)86.0786.0786.07
Fair Value$3.29$3.46$3.63
Upside / Downside-84.32%-83.52%-82.70%

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