Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wüstenrot & Württembergische AG (WUW.DE)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$10.95 - $16.00$13.39
Multi-Stage$29.02 - $32.01$30.48
Blended Fair Value$21.94
Current Price$13.66
Upside60.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.03%12.78%0.650.650.650.650.650.650.650.600.600.50
YoY Growth--0.14%0.00%0.05%-0.07%0.04%0.08%8.42%0.08%19.65%155.84%
Dividend Yield--4.88%4.89%3.99%3.56%3.66%4.65%3.69%3.13%3.22%2.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)139.00
(-) Cash Dividends Paid (M)61.00
(=) Cash Retained (M)78.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.8017.3810.43
Cash Retained (M)78.0078.0078.00
(-) Cash Required (M)-27.80-17.38-10.43
(=) Excess Retained (M)50.2060.6367.58
(/) Shares Outstanding (M)93.6493.6493.64
(=) Excess Retained per Share0.540.650.72
LTM Dividend per Share0.650.650.65
(+) Excess Retained per Share0.540.650.72
(=) Adjusted Dividend1.191.301.37
WACC / Discount Rate6.36%6.36%6.36%
Growth Rate-4.05%-3.05%-2.05%
Fair Value$10.95$13.39$16.00
Upside / Downside-19.82%-1.97%17.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)139.00134.77130.66126.68122.82119.08122.65
Payout Ratio43.88%53.11%62.33%71.55%80.78%90.00%92.50%
Projected Dividends (M)61.0071.5781.4490.6499.21107.17113.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.36%6.36%6.36%
Growth Rate-4.05%-3.05%-2.05%
Year 1 PV (M)66.6067.2967.99
Year 2 PV (M)70.5272.0073.49
Year 3 PV (M)73.0475.3477.70
Year 4 PV (M)74.3877.5380.78
Year 5 PV (M)74.7778.7582.90
PV of Terminal Value (M)2,358.072,483.532,614.28
Equity Value (M)2,717.382,854.452,997.13
Shares Outstanding (M)93.6493.6493.64
Fair Value$29.02$30.48$32.01
Upside / Downside112.43%123.15%134.30%

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