Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Intershop Holding AG (0R6M.L)

Company Dividend Discount ModelIndustry: Real Estate - GeneralSector: Real Estate

Valuation Snapshot

Stable Growth$692.47 - $1,599.63$1,012.80
Multi-Stage$1,493.59 - $1,643.92$1,567.30
Blended Fair Value$1,290.05
Current Price$141.80
Upside809.77%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.18%2.41%5.5010.005.145.155.094.484.774.344.334.34
YoY Growth---45.00%94.52%-0.24%1.15%13.66%-6.01%9.99%0.02%-0.02%0.00%
Dividend Yield--4.31%1.62%0.85%0.84%0.82%0.78%0.95%4.42%4.50%5.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)323.11
(-) Cash Dividends Paid (M)101.39
(=) Cash Retained (M)221.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)64.6240.3924.23
Cash Retained (M)221.71221.71221.71
(-) Cash Required (M)-64.62-40.39-24.23
(=) Excess Retained (M)157.09181.32197.48
(/) Shares Outstanding (M)9.229.229.22
(=) Excess Retained per Share17.0419.6721.42
LTM Dividend per Share11.0011.0011.00
(+) Excess Retained per Share17.0419.6721.42
(=) Adjusted Dividend28.0430.6732.42
WACC / Discount Rate4.97%4.97%4.97%
Growth Rate0.88%1.88%2.88%
Fair Value$692.47$1,012.80$1,599.63
Upside / Downside388.34%614.25%1,028.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)323.11329.19335.39341.70348.13354.69365.33
Payout Ratio31.38%43.10%54.83%66.55%78.28%90.00%92.50%
Projected Dividends (M)101.39141.89183.89227.41272.51319.22337.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.97%4.97%4.97%
Growth Rate0.88%1.88%2.88%
Year 1 PV (M)133.85135.18136.51
Year 2 PV (M)163.63166.89170.18
Year 3 PV (M)190.89196.62202.47
Year 4 PV (M)215.78224.46233.41
Year 5 PV (M)238.44250.50263.03
PV of Terminal Value (M)12,824.5913,472.9414,147.25
Equity Value (M)13,767.1914,446.5915,152.84
Shares Outstanding (M)9.229.229.22
Fair Value$1,493.59$1,567.30$1,643.92
Upside / Downside953.31%1,005.29%1,059.32%

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