Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Rheinmetall AG (RHM.DE)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$651.54 - $3,522.29$1,275.18
Multi-Stage$375.51 - $410.34$392.61
Blended Fair Value$833.89
Current Price$1,797.00
Upside-53.60%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.47%32.38%5.344.033.081.872.241.941.571.341.010.26
YoY Growth--32.62%30.77%64.37%-16.35%15.56%23.29%17.74%31.91%291.67%-20.00%
Dividend Yield--0.41%0.76%1.13%0.98%2.59%3.03%1.64%1.16%1.29%0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)822.00
(-) Cash Dividends Paid (M)369.00
(=) Cash Retained (M)453.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)164.40102.7561.65
Cash Retained (M)453.00453.00453.00
(-) Cash Required (M)-164.40-102.75-61.65
(=) Excess Retained (M)288.60350.25391.35
(/) Shares Outstanding (M)46.4146.4146.41
(=) Excess Retained per Share6.227.558.43
LTM Dividend per Share7.957.957.95
(+) Excess Retained per Share6.227.558.43
(=) Adjusted Dividend14.1715.5016.38
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Fair Value$651.54$1,275.18$3,522.29
Upside / Downside-63.74%-29.04%96.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)822.00875.43932.33992.931,057.481,126.211,160.00
Payout Ratio44.89%53.91%62.93%71.96%80.98%90.00%92.50%
Projected Dividends (M)369.00471.97586.76714.48856.321,013.591,073.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)433.73437.84441.95
Year 2 PV (M)495.53504.97514.50
Year 3 PV (M)554.51570.43586.65
Year 4 PV (M)610.75634.24658.40
Year 5 PV (M)664.35696.44729.76
PV of Terminal Value (M)14,669.3215,377.8616,113.51
Equity Value (M)17,428.2018,221.7819,044.76
Shares Outstanding (M)46.4146.4146.41
Fair Value$375.51$392.61$410.34
Upside / Downside-79.10%-78.15%-77.17%

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