Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Qatar Industrial Manufacturing Company Q.P.S.C. (QIMD.QA)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$22.01 - $55.29$51.81
Multi-Stage$8.36 - $9.15$8.75
Blended Fair Value$30.28
Current Price$2.49
Upside1,116.19%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.26%28.58%0.130.130.120.100.150.250.330.380.310.31
YoY Growth--0.00%8.33%20.00%-33.33%-40.00%-25.15%-13.06%23.72%0.68%2,831.20%
Dividend Yield--5.20%4.84%4.53%3.23%5.25%10.55%8.50%9.86%7.11%8.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)132.22
(-) Cash Dividends Paid (M)64.78
(=) Cash Retained (M)67.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.4416.539.92
Cash Retained (M)67.4467.4467.44
(-) Cash Required (M)-26.44-16.53-9.92
(=) Excess Retained (M)41.0050.9157.52
(/) Shares Outstanding (M)474.94474.94474.94
(=) Excess Retained per Share0.090.110.12
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.090.110.12
(=) Adjusted Dividend0.220.240.26
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.35%6.35%7.35%
Fair Value$22.01$51.81$55.29
Upside / Downside783.99%1,980.91%2,120.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)132.22140.62149.56159.06169.17179.92185.32
Payout Ratio48.99%57.19%65.40%73.60%81.80%90.00%92.50%
Projected Dividends (M)64.7880.4397.81117.07138.38161.93171.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.35%6.35%7.35%
Year 1 PV (M)74.8775.5876.29
Year 2 PV (M)84.7486.3687.99
Year 3 PV (M)94.4297.1399.90
Year 4 PV (M)103.89107.89112.00
Year 5 PV (M)113.16118.63124.31
PV of Terminal Value (M)3,501.643,671.013,846.87
Equity Value (M)3,972.714,156.594,347.36
Shares Outstanding (M)474.94474.94474.94
Fair Value$8.36$8.75$9.15
Upside / Downside235.93%251.48%267.61%

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