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$268.30 - $407.15$333.55
Multi-Stage$453.24 - $497.95$475.16
Blended Fair Value$404.36
Current Price$95.50
Upside323.41%
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 Rate7.98%7.98%7.98%
Growth Rate-1.00%0.00%1.00%
Fair Value$268.30$333.55$407.15
Upside / Downside180.94%249.27%326.34%

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 Rate7.98%7.98%7.98%
Growth Rate-1.00%0.00%1.00%
Year 1 PV (M)74.9275.6776.43
Year 2 PV (M)87.5589.3291.12
Year 3 PV (M)97.56100.54103.59
Year 4 PV (M)105.30109.61114.07
Year 5 PV (M)111.07116.80122.75
PV of Terminal Value (M)2,361.692,483.402,610.09
Equity Value (M)2,838.082,975.363,118.04
Shares Outstanding (M)6.266.266.26
Fair Value$453.24$475.16$497.95
Upside / Downside374.59%397.55%421.41%

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