Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BNP Paribas S.A. (BNP.DE)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$501.03 - $1,558.71$802.51
Multi-Stage$381.64 - $417.06$399.03
Blended Fair Value$600.77
Current Price$76.27
Upside687.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.30%13.23%5.154.684.253.930.373.463.503.001.590.56
YoY Growth--10.06%10.14%8.19%963.38%-89.32%-1.29%16.84%88.50%184.34%-62.39%
Dividend Yield--8.74%7.45%7.93%6.47%0.85%6.51%8.99%4.85%2.65%1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,186.00
(-) Cash Dividends Paid (M)11,339.00
(=) Cash Retained (M)10,847.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,437.202,773.251,663.95
Cash Retained (M)10,847.0010,847.0010,847.00
(-) Cash Required (M)-4,437.20-2,773.25-1,663.95
(=) Excess Retained (M)6,409.808,073.759,183.05
(/) Shares Outstanding (M)1,152.741,152.741,152.74
(=) Excess Retained per Share5.567.007.97
LTM Dividend per Share9.849.849.84
(+) Excess Retained per Share5.567.007.97
(=) Adjusted Dividend15.4016.8417.80
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate4.76%5.76%6.76%
Fair Value$501.03$802.51$1,558.71
Upside / Downside556.91%952.19%1,943.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,186.0023,463.7824,815.1526,244.3527,755.8629,354.4330,235.06
Payout Ratio51.11%58.89%66.67%74.44%82.22%90.00%92.50%
Projected Dividends (M)11,339.0013,817.1316,543.0919,537.2222,821.3626,418.9827,967.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate4.76%5.76%6.76%
Year 1 PV (M)12,675.1612,796.1512,917.15
Year 2 PV (M)13,921.5714,188.6214,458.20
Year 3 PV (M)15,082.3815,518.4415,962.81
Year 4 PV (M)16,161.6116,787.5917,431.59
Year 5 PV (M)17,163.0717,998.0218,865.16
PV of Terminal Value (M)364,932.04382,685.39401,123.04
Equity Value (M)439,935.83459,974.21480,757.96
Shares Outstanding (M)1,152.741,152.741,152.74
Fair Value$381.64$399.03$417.06
Upside / Downside400.39%423.18%446.82%

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