Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ASR Nederland N.V. (ASRNL.AS)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$148.89 - $316.08$211.44
Multi-Stage$116.77 - $127.10$121.84
Blended Fair Value$166.64
Current Price$56.38
Upside195.57%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS19.96%20.25%2.892.231.601.321.261.161.480.860.790.64
YoY Growth--29.34%39.48%21.75%4.78%7.94%-21.50%71.66%10.00%22.30%40.40%
Dividend Yield--6.31%5.14%3.61%3.25%3.82%3.49%4.29%2.51%3.47%3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,717.00
(-) Cash Dividends Paid (M)1,259.00
(=) Cash Retained (M)458.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)343.40214.63128.78
Cash Retained (M)458.00458.00458.00
(-) Cash Required (M)-343.40-214.63-128.78
(=) Excess Retained (M)114.60243.38329.23
(/) Shares Outstanding (M)216.56216.56216.56
(=) Excess Retained per Share0.531.121.52
LTM Dividend per Share5.815.815.81
(+) Excess Retained per Share0.531.121.52
(=) Adjusted Dividend6.346.947.33
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate5.50%6.50%7.50%
Fair Value$148.89$211.44$316.08
Upside / Downside164.09%275.03%460.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,717.001,828.611,947.462,074.052,208.862,352.442,423.01
Payout Ratio73.33%76.66%80.00%83.33%86.67%90.00%92.50%
Projected Dividends (M)1,259.001,401.821,557.881,728.311,914.312,117.192,241.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,262.481,274.441,286.41
Year 2 PV (M)1,263.571,287.641,311.93
Year 3 PV (M)1,262.471,298.711,335.63
Year 4 PV (M)1,259.341,307.771,357.59
Year 5 PV (M)1,254.371,314.951,377.86
PV of Terminal Value (M)18,985.2119,902.2020,854.29
Equity Value (M)25,287.4326,385.7227,523.71
Shares Outstanding (M)216.56216.56216.56
Fair Value$116.77$121.84$127.10
Upside / Downside107.11%116.11%125.43%

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