Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

JOST Werke AG (JST.DE)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$54.94 - $194.70$91.04
Multi-Stage$36.98 - $40.32$38.62
Blended Fair Value$64.83
Current Price$49.65
Upside30.58%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.40%0.00%1.501.401.051.000.001.100.500.000.000.00
YoY Growth--7.14%33.33%5.00%0.00%-100.00%120.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.87%2.94%2.16%2.74%0.00%4.99%1.60%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)29.06
(-) Cash Dividends Paid (M)22.35
(=) Cash Retained (M)6.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.813.632.18
Cash Retained (M)6.716.716.71
(-) Cash Required (M)-5.81-3.63-2.18
(=) Excess Retained (M)0.893.074.53
(/) Shares Outstanding (M)14.9014.9014.90
(=) Excess Retained per Share0.060.210.30
LTM Dividend per Share1.501.501.50
(+) Excess Retained per Share0.060.210.30
(=) Adjusted Dividend1.561.711.80
WACC / Discount Rate8.50%8.50%8.50%
Growth Rate5.50%6.50%7.50%
Fair Value$54.94$91.04$194.70
Upside / Downside10.65%83.37%292.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)29.0630.9432.9635.1037.3839.8141.00
Payout Ratio76.92%79.54%82.15%84.77%87.38%90.00%92.50%
Projected Dividends (M)22.3524.6127.0729.7532.6635.8337.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.50%8.50%8.50%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)22.4722.6822.90
Year 2 PV (M)22.5723.0023.43
Year 3 PV (M)22.6523.3023.96
Year 4 PV (M)22.7023.5724.47
Year 5 PV (M)22.7323.8324.97
PV of Terminal Value (M)437.89459.04481.00
Equity Value (M)551.01575.43600.73
Shares Outstanding (M)14.9014.9014.90
Fair Value$36.98$38.62$40.32
Upside / Downside-25.52%-22.22%-18.80%

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