Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Haugesund Sparebank (HGSB.OL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$10,316.27 - $12,155.18$11,390.78
Multi-Stage$2,555.65 - $2,801.95$2,676.51
Blended Fair Value$7,033.64
Current Price$160.50
Upside4,282.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS17.82%0.00%6.154.874.874,498.562.622.710.000.000.000.00
YoY Growth--26.15%0.00%-99.89%171,328.57%-3.08%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.51%3.21%3.21%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)184.10
(-) Cash Dividends Paid (M)46.58
(=) Cash Retained (M)137.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.8223.0113.81
Cash Retained (M)137.53137.53137.53
(-) Cash Required (M)-36.82-23.01-13.81
(=) Excess Retained (M)100.71114.51123.72
(/) Shares Outstanding (M)3.003.003.00
(=) Excess Retained per Share33.5638.1641.23
LTM Dividend per Share15.5215.5215.52
(+) Excess Retained per Share33.5638.1641.23
(=) Adjusted Dividend49.0853.6856.75
WACC / Discount Rate5.44%5.44%5.44%
Growth Rate5.10%6.10%7.10%
Fair Value$10,316.27$11,390.78$12,155.18
Upside / Downside6,327.58%6,997.06%7,473.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)184.10195.33207.25219.89233.31247.54254.97
Payout Ratio25.30%38.24%51.18%64.12%77.06%90.00%92.50%
Projected Dividends (M)46.5874.69106.07141.00179.79222.79235.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.44%5.44%5.44%
Growth Rate5.10%6.10%7.10%
Year 1 PV (M)70.1770.8471.51
Year 2 PV (M)93.6295.4197.22
Year 3 PV (M)116.92120.29123.72
Year 4 PV (M)140.07145.48151.04
Year 5 PV (M)163.07170.98179.19
PV of Terminal Value (M)7,085.537,429.087,785.84
Equity Value (M)7,669.398,032.098,408.53
Shares Outstanding (M)3.003.003.00
Fair Value$2,555.65$2,676.51$2,801.95
Upside / Downside1,492.30%1,567.61%1,645.76%

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