Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Mode

Company Industry Sector

Ticker

Industry

Sector

Pirelli & C. S.p.A. (PIRC.MI)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$4.85 - $7.62$6.12
Multi-Stage$7.79 - $8.55$8.16
Blended Fair Value$7.14
Current Price$5.79
Upside23.33%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.93%2.47%0.200.220.180.080.000.180.010.010.000.19
YoY Growth---8.29%20.21%131.93%0.00%-100.00%2,120.51%-34.34%520.65%-98.92%18.40%
Dividend Yield--3.66%3.87%3.93%1.59%0.00%5.57%0.14%0.17%0.03%2.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)496.17
(-) Cash Dividends Paid (M)256.35
(=) Cash Retained (M)239.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)99.2362.0237.21
Cash Retained (M)239.82239.82239.82
(-) Cash Required (M)-99.23-62.02-37.21
(=) Excess Retained (M)140.59177.80202.61
(/) Shares Outstanding (M)1,020.411,020.411,020.41
(=) Excess Retained per Share0.140.170.20
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.140.170.20
(=) Adjusted Dividend0.390.430.45
WACC / Discount Rate7.95%7.95%7.95%
Growth Rate-0.07%0.93%1.93%
Fair Value$4.85$6.12$7.62
Upside / Downside-16.26%5.69%31.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)496.17500.78505.44510.14514.89519.67535.26
Payout Ratio51.67%59.33%67.00%74.67%82.33%90.00%92.50%
Projected Dividends (M)256.35297.13338.64380.90423.92467.71495.12

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.95%7.95%7.95%
Growth Rate-0.07%0.93%1.93%
Year 1 PV (M)272.52275.25277.98
Year 2 PV (M)284.89290.62296.40
Year 3 PV (M)293.91302.82311.91
Year 4 PV (M)300.02312.21324.76
Year 5 PV (M)303.60319.09335.22
PV of Terminal Value (M)6,496.606,828.227,173.26
Equity Value (M)7,951.528,328.218,719.53
Shares Outstanding (M)1,020.411,020.411,020.41
Fair Value$7.79$8.16$8.55
Upside / Downside34.58%40.96%47.58%

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