Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

General Commercial & Industrial S.A. (GEBKA.AT)

Company Dividend Discount ModelIndustry: Industrial - DistributionSector: Industrials

Valuation Snapshot

Stable Growth$1.23 - $1.95$1.56
Multi-Stage$1.49 - $1.63$1.56
Blended Fair Value$1.56
Current Price$1.64
Upside-4.89%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS38.18%14.44%0.080.080.050.030.040.010.010.010.010.02
YoY Growth---0.01%36.86%56.88%-0.13%134.95%49.30%0.76%-0.43%-53.75%10.39%
Dividend Yield--5.48%4.15%4.53%3.02%4.25%1.84%1.58%2.02%2.93%6.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2.87
(-) Cash Dividends Paid (M)1.81
(=) Cash Retained (M)1.06
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.570.360.22
Cash Retained (M)1.061.061.06
(-) Cash Required (M)-0.57-0.36-0.22
(=) Excess Retained (M)0.490.700.85
(/) Shares Outstanding (M)24.0624.0624.06
(=) Excess Retained per Share0.020.030.04
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.020.030.04
(=) Adjusted Dividend0.100.100.11
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate2.10%3.10%4.10%
Fair Value$1.23$1.56$1.95
Upside / Downside-24.84%-4.96%18.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2.872.963.053.143.243.343.44
Payout Ratio62.96%68.37%73.78%79.18%84.59%90.00%92.50%
Projected Dividends (M)1.812.022.252.492.743.013.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate2.10%3.10%4.10%
Year 1 PV (M)1.821.841.86
Year 2 PV (M)1.821.861.90
Year 3 PV (M)1.821.871.93
Year 4 PV (M)1.801.871.95
Year 5 PV (M)1.781.871.96
PV of Terminal Value (M)26.9028.2529.64
Equity Value (M)35.9437.5639.23
Shares Outstanding (M)24.0624.0624.06
Fair Value$1.49$1.56$1.63
Upside / Downside-8.91%-4.82%-0.58%

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