Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Just Group plc (JUST.L)

Company Dividend Discount ModelIndustry: Insurance - SpecialtySector: Financial Services

Valuation Snapshot

Stable Growth$1.15 - $1.69$1.41
Multi-Stage$2.07 - $2.27$2.17
Blended Fair Value$1.79
Current Price$1.32
Upside35.46%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162016
DPS158.31%3.38%0.020.020.010.020.000.000.020.030.030.02
YoY Growth--21.05%26.67%-40.48%25,100.00%-50.00%-99.18%-26.51%0.91%45.58%36.97%
Dividend Yield--1.35%2.13%1.75%2.87%0.01%0.02%2.53%1.91%2.09%1.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)154.50
(-) Cash Dividends Paid (M)48.20
(=) Cash Retained (M)106.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.9019.3111.59
Cash Retained (M)106.30106.30106.30
(-) Cash Required (M)-30.90-19.31-11.59
(=) Excess Retained (M)75.4086.9994.71
(/) Shares Outstanding (M)1,050.851,050.851,050.85
(=) Excess Retained per Share0.070.080.09
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.070.080.09
(=) Adjusted Dividend0.120.130.14
WACC / Discount Rate8.03%8.03%8.03%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.15$1.41$1.69
Upside / Downside-12.96%6.82%28.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)154.50152.96151.43149.91148.41146.93151.34
Payout Ratio31.20%42.96%54.72%66.48%78.24%90.00%92.50%
Projected Dividends (M)48.2065.7182.8699.66116.12132.24139.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.03%8.03%8.03%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)60.2160.8261.44
Year 2 PV (M)69.5770.9972.44
Year 3 PV (M)76.6779.0481.46
Year 4 PV (M)81.8585.2588.74
Year 5 PV (M)85.4189.8694.49
PV of Terminal Value (M)1,796.681,890.241,987.65
Equity Value (M)2,170.392,276.202,386.22
Shares Outstanding (M)1,050.851,050.851,050.85
Fair Value$2.07$2.17$2.27
Upside / Downside56.47%64.10%72.03%

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