Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

H&R GmbH & Co. KGaA (2HRA.DE)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$2.90 - $5.14$3.85
Multi-Stage$5.25 - $5.77$5.50
Blended Fair Value$4.68
Current Price$4.93
Upside-5.13%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.100.100.000.000.000.000.190.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.35%2.08%0.00%0.00%0.00%0.00%2.60%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8.12
(-) Cash Dividends Paid (M)3.72
(=) Cash Retained (M)4.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.621.020.61
Cash Retained (M)4.404.404.40
(-) Cash Required (M)-1.62-1.02-0.61
(=) Excess Retained (M)2.773.383.79
(/) Shares Outstanding (M)37.5437.5437.54
(=) Excess Retained per Share0.070.090.10
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.070.090.10
(=) Adjusted Dividend0.170.190.20
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate0.37%1.37%2.37%
Fair Value$2.90$3.85$5.14
Upside / Downside-41.12%-21.90%4.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8.128.238.348.468.578.698.95
Payout Ratio45.84%54.67%63.50%72.33%81.17%90.00%92.50%
Projected Dividends (M)3.724.505.306.126.967.828.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate0.37%1.37%2.37%
Year 1 PV (M)4.194.234.27
Year 2 PV (M)4.594.684.78
Year 3 PV (M)4.945.095.24
Year 4 PV (M)5.235.445.66
Year 5 PV (M)5.475.756.04
PV of Terminal Value (M)172.66181.43190.56
Equity Value (M)197.08206.62216.55
Shares Outstanding (M)37.5437.5437.54
Fair Value$5.25$5.50$5.77
Upside / Downside6.48%11.64%17.00%

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