Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Heijmans N.V. (0M6I.L)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$1,201.26 - $1,415.29$1,326.34
Multi-Stage$879.31 - $964.96$921.34
Blended Fair Value$1,123.84
Current Price$54.95
Upside1,945.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%21.02%0.400.480.380.280.000.000.000.000.000.86
YoY Growth---16.95%26.74%31.92%0.00%0.00%0.00%0.00%0.00%-100.00%1,362.43%
Dividend Yield--1.25%3.93%3.71%1.91%0.00%0.00%0.00%0.00%0.00%10.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)190.73
(-) Cash Dividends Paid (M)69.16
(=) Cash Retained (M)121.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.1523.8414.30
Cash Retained (M)121.57121.57121.57
(-) Cash Required (M)-38.15-23.84-14.30
(=) Excess Retained (M)83.4297.73107.26
(/) Shares Outstanding (M)26.8026.8026.80
(=) Excess Retained per Share3.113.654.00
LTM Dividend per Share2.582.582.58
(+) Excess Retained per Share3.113.654.00
(=) Adjusted Dividend5.696.236.58
WACC / Discount Rate0.81%0.81%0.81%
Growth Rate5.50%6.50%7.50%
Fair Value$1,201.26$1,326.34$1,415.29
Upside / Downside2,086.11%2,313.72%2,475.60%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)190.73203.13216.33230.40245.37261.32269.16
Payout Ratio36.26%47.01%57.76%68.50%79.25%90.00%92.50%
Projected Dividends (M)69.1695.49124.95157.83194.46235.19248.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.81%0.81%0.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)93.8394.7295.61
Year 2 PV (M)120.64122.94125.26
Year 3 PV (M)149.74154.04158.42
Year 4 PV (M)181.28188.25195.42
Year 5 PV (M)215.43225.84236.64
PV of Terminal Value (M)22,805.9323,907.4625,051.15
Equity Value (M)23,566.8524,693.2425,862.50
Shares Outstanding (M)26.8026.8026.80
Fair Value$879.31$921.34$964.96
Upside / Downside1,500.20%1,576.68%1,656.08%

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