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TCM Group A/S (TCM.CO)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$59.51 - $92.01$74.59
Multi-Stage$135.21 - $148.84$141.89
Blended Fair Value$108.24
Current Price$73.60
Upside47.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.005.2012.440.004.540.000.000.000.00
YoY Growth--0.00%-100.00%-58.15%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%7.77%9.87%0.00%4.95%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)67.00
(-) Cash Dividends Paid (M)31.00
(=) Cash Retained (M)36.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.408.385.03
Cash Retained (M)36.0036.0036.00
(-) Cash Required (M)-13.40-8.38-5.03
(=) Excess Retained (M)22.6027.6330.98
(/) Shares Outstanding (M)10.4510.4510.45
(=) Excess Retained per Share2.162.642.96
LTM Dividend per Share2.972.972.97
(+) Excess Retained per Share2.162.642.96
(=) Adjusted Dividend5.135.615.93
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate-2.00%-1.00%0.00%
Fair Value$59.51$74.59$92.01
Upside / Downside-19.14%1.35%25.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)67.0066.3365.6765.0164.3663.7265.63
Payout Ratio46.27%55.01%63.76%72.51%81.25%90.00%92.50%
Projected Dividends (M)31.0036.4941.8747.1452.2957.3460.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)33.9434.2834.63
Year 2 PV (M)36.2136.9537.70
Year 3 PV (M)37.9139.0940.28
Year 4 PV (M)39.1240.7442.41
Year 5 PV (M)39.8941.9744.13
PV of Terminal Value (M)1,226.441,290.311,356.80
Equity Value (M)1,413.511,483.331,555.96
Shares Outstanding (M)10.4510.4510.45
Fair Value$135.21$141.89$148.84
Upside / Downside83.71%92.79%102.23%

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