Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Berner Industrier AB (BERNER-B.ST)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$80.75 - $250.93$129.30
Multi-Stage$82.06 - $89.99$85.95
Blended Fair Value$107.63
Current Price$70.80
Upside52.02%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.71%0.00%0.900.600.750.750.600.750.500.500.500.25
YoY Growth--49.99%-20.00%0.00%25.00%-20.00%50.64%-0.43%0.00%100.00%0.00%
Dividend Yield--2.15%1.76%3.69%3.13%1.82%4.35%1.87%2.62%2.50%1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)59.36
(-) Cash Dividends Paid (M)17.85
(=) Cash Retained (M)41.52
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.877.424.45
Cash Retained (M)41.5241.5241.52
(-) Cash Required (M)-11.87-7.42-4.45
(=) Excess Retained (M)29.6534.1037.07
(/) Shares Outstanding (M)18.8618.8618.86
(=) Excess Retained per Share1.571.811.97
LTM Dividend per Share0.950.950.95
(+) Excess Retained per Share1.571.811.97
(=) Adjusted Dividend2.522.752.91
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate3.32%4.32%5.32%
Fair Value$80.75$129.30$250.93
Upside / Downside14.05%82.63%254.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)59.3661.9364.6067.3970.3073.3375.53
Payout Ratio30.06%42.05%54.04%66.02%78.01%90.00%92.50%
Projected Dividends (M)17.8526.0434.9144.4954.8466.0069.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate3.32%4.32%5.32%
Year 1 PV (M)24.2124.4424.68
Year 2 PV (M)30.1730.7531.35
Year 3 PV (M)35.7536.7937.86
Year 4 PV (M)40.9642.5744.22
Year 5 PV (M)45.8248.0850.43
PV of Terminal Value (M)1,370.651,438.281,508.55
Equity Value (M)1,547.551,620.921,697.09
Shares Outstanding (M)18.8618.8618.86
Fair Value$82.06$85.95$89.99
Upside / Downside15.91%21.40%27.11%

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