Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Roche Holding AG (0QQ6.L)

Company Dividend Discount ModelIndustry: Drug Manufacturers - GeneralSector: Healthcare

Valuation Snapshot

Stable Growth$194.70 - $303.34$244.84
Multi-Stage$409.74 - $450.12$429.54
Blended Fair Value$337.19
Current Price$258.40
Upside30.49%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.53%1.31%9.529.459.279.689.599.279.038.898.768.66
YoY Growth--0.79%1.93%-4.21%0.95%3.37%2.70%1.58%1.42%1.24%3.51%
Dividend Yield--3.73%3.86%3.19%2.55%3.10%2.95%3.62%3.61%3.77%3.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)16,343.00
(-) Cash Dividends Paid (M)11,542.50
(=) Cash Retained (M)4,800.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,268.602,042.881,225.73
Cash Retained (M)4,800.504,800.504,800.50
(-) Cash Required (M)-3,268.60-2,042.88-1,225.73
(=) Excess Retained (M)1,531.902,757.633,574.78
(/) Shares Outstanding (M)803.25803.25803.25
(=) Excess Retained per Share1.913.434.45
LTM Dividend per Share14.3714.3714.37
(+) Excess Retained per Share1.913.434.45
(=) Adjusted Dividend16.2817.8018.82
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate-1.47%-0.47%0.53%
Fair Value$194.70$244.84$303.34
Upside / Downside-24.65%-5.25%17.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)16,343.0016,266.8316,191.0216,115.5616,040.4515,965.6916,444.66
Payout Ratio70.63%74.50%78.38%82.25%86.13%90.00%92.50%
Projected Dividends (M)11,542.5012,118.9912,689.8613,255.1513,814.8914,369.1215,211.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate-1.47%-0.47%0.53%
Year 1 PV (M)11,236.3911,350.4211,464.46
Year 2 PV (M)10,908.8011,131.3511,356.14
Year 3 PV (M)10,564.8910,889.8211,221.36
Year 4 PV (M)10,209.1110,629.9011,063.57
Year 5 PV (M)9,845.3410,355.1710,885.91
PV of Terminal Value (M)276,359.92290,671.06305,569.02
Equity Value (M)329,124.44345,027.72361,560.46
Shares Outstanding (M)803.25803.25803.25
Fair Value$409.74$429.54$450.12
Upside / Downside58.57%66.23%74.20%

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