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Wendel (MF.PA)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$110.36 - $207.40$149.81
Multi-Stage$156.84 - $171.72$164.14
Blended Fair Value$156.97
Current Price$89.60
Upside75.19%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.79%7.12%3.733.022.832.752.662.692.622.332.152.01
YoY Growth--23.51%6.92%2.76%3.26%-0.89%2.57%12.40%8.71%6.59%7.18%
Dividend Yield--4.02%3.75%3.24%2.61%2.72%2.27%2.50%1.64%1.88%1.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)334.75
(-) Cash Dividends Paid (M)271.60
(=) Cash Retained (M)63.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)66.9541.8425.11
Cash Retained (M)63.1563.1563.15
(-) Cash Required (M)-66.95-41.84-25.11
(=) Excess Retained (M)-3.8021.3138.04
(/) Shares Outstanding (M)46.0146.0146.01
(=) Excess Retained per Share-0.080.460.83
LTM Dividend per Share5.905.905.90
(+) Excess Retained per Share-0.080.460.83
(=) Adjusted Dividend5.826.376.73
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate1.76%2.76%3.76%
Fair Value$110.36$149.81$207.40
Upside / Downside23.17%67.20%131.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)334.75343.99353.49363.25373.28383.58395.09
Payout Ratio81.14%82.91%84.68%86.45%88.23%90.00%92.50%
Projected Dividends (M)271.60285.20299.34314.04329.33345.23365.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate1.76%2.76%3.76%
Year 1 PV (M)263.63266.22268.81
Year 2 PV (M)255.78260.83265.93
Year 3 PV (M)248.05255.44262.97
Year 4 PV (M)240.46250.05259.93
Year 5 PV (M)233.00244.68256.82
PV of Terminal Value (M)5,975.506,274.936,586.25
Equity Value (M)7,216.427,552.147,900.70
Shares Outstanding (M)46.0146.0146.01
Fair Value$156.84$164.14$171.72
Upside / Downside75.05%83.19%91.65%

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