Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Caisse Régionale de Crédit Agricole Mutuel de La Touraine et du Poitou Société Coopérative (CRTO.PA)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$299.80 - $470.80$378.28
Multi-Stage$564.51 - $620.87$592.14
Blended Fair Value$485.21
Current Price$95.50
Upside408.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.78%5.66%3.262.942.202.052.102.142.011.881.042.00
YoY Growth--11.13%33.28%7.28%-2.31%-1.89%6.76%7.03%79.97%-47.95%6.32%
Dividend Yield--4.13%4.09%3.83%2.51%2.14%1.67%1.79%1.97%1.31%2.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)190.52
(-) Cash Dividends Paid (M)59.28
(=) Cash Retained (M)131.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.1023.8114.29
Cash Retained (M)131.24131.24131.24
(-) Cash Required (M)-38.10-23.81-14.29
(=) Excess Retained (M)93.14107.43116.95
(/) Shares Outstanding (M)6.266.266.26
(=) Excess Retained per Share14.8717.1618.68
LTM Dividend per Share9.479.479.47
(+) Excess Retained per Share14.8717.1618.68
(=) Adjusted Dividend24.3426.6228.14
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-1.00%0.00%1.00%
Fair Value$299.80$378.28$470.80
Upside / Downside213.93%296.11%392.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)190.52190.51190.51190.50190.50190.49196.21
Payout Ratio31.11%42.89%54.67%66.45%78.22%90.00%92.50%
Projected Dividends (M)59.2881.71104.15126.58149.01171.44181.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-1.00%0.00%1.00%
Year 1 PV (M)75.5876.3477.10
Year 2 PV (M)89.1090.9192.73
Year 3 PV (M)100.16103.23106.35
Year 4 PV (M)109.06113.53118.14
Year 5 PV (M)116.06122.04128.26
PV of Terminal Value (M)3,044.883,201.803,365.13
Equity Value (M)3,534.833,707.843,887.73
Shares Outstanding (M)6.266.266.26
Fair Value$564.51$592.14$620.87
Upside / Downside491.11%520.04%550.12%

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