Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Graubündner Kantonalbank (0QLT.L)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$3,785.22 - $9,556.43$5,699.88
Multi-Stage$6,722.30 - $7,391.03$7,050.24
Blended Fair Value$6,375.06
Current Price$1,760.00
Upside262.22%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.50%1.98%47.6842.6642.6640.1540.1540.1540.1538.1538.1538.15
YoY Growth--11.76%0.00%6.25%0.00%0.00%0.00%5.26%0.00%0.00%-2.70%
Dividend Yield--2.74%2.51%2.54%2.54%2.60%2.72%2.76%2.65%2.53%2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)435.64
(-) Cash Dividends Paid (M)171.88
(=) Cash Retained (M)263.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)87.1354.4632.67
Cash Retained (M)263.77263.77263.77
(-) Cash Required (M)-87.13-54.46-32.67
(=) Excess Retained (M)176.64209.31231.09
(/) Shares Outstanding (M)2.492.492.49
(=) Excess Retained per Share70.9384.0592.79
LTM Dividend per Share69.0169.0169.01
(+) Excess Retained per Share70.9384.0592.79
(=) Adjusted Dividend139.94153.06161.81
WACC / Discount Rate5.25%5.25%5.25%
Growth Rate1.50%2.50%3.50%
Fair Value$3,785.22$5,699.88$9,556.43
Upside / Downside115.07%223.86%442.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)435.64446.52457.67469.10480.81492.81507.60
Payout Ratio39.45%49.56%59.67%69.78%79.89%90.00%92.50%
Projected Dividends (M)171.88221.31273.10327.34384.12443.53469.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.25%5.25%5.25%
Growth Rate1.50%2.50%3.50%
Year 1 PV (M)208.22210.27212.32
Year 2 PV (M)241.75246.54251.37
Year 3 PV (M)272.63280.77289.06
Year 4 PV (M)301.00313.04325.43
Year 5 PV (M)327.00343.42360.51
PV of Terminal Value (M)15,390.8516,164.1316,968.18
Equity Value (M)16,741.4317,558.1618,406.88
Shares Outstanding (M)2.492.492.49
Fair Value$6,722.30$7,050.24$7,391.03
Upside / Downside281.95%300.58%319.95%

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