Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TCS Group Holding PLC (TCSG.ME)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$12,678.28 - $31,267.44$18,945.78
Multi-Stage$8,842.45 - $9,660.64$9,244.13
Blended Fair Value$14,094.96
Current Price$3,268.00
Upside331.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS31.26%20.01%92.970.000.0015.4550.4923.8650.8833.9518.000.00
YoY Growth--0.00%0.00%-100.00%-69.39%111.62%-53.11%49.89%88.55%0.00%-100.00%
Dividend Yield--3.38%0.00%0.00%0.47%1.15%2.65%4.22%2.81%1.49%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)135,049.02
(-) Cash Dividends Paid (M)29,381.89
(=) Cash Retained (M)105,667.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27,009.8016,881.1310,128.68
Cash Retained (M)105,667.13105,667.13105,667.13
(-) Cash Required (M)-27,009.80-16,881.13-10,128.68
(=) Excess Retained (M)78,657.3288,786.0095,538.45
(/) Shares Outstanding (M)234.77234.77234.77
(=) Excess Retained per Share335.04378.18406.94
LTM Dividend per Share125.15125.15125.15
(+) Excess Retained per Share335.04378.18406.94
(=) Adjusted Dividend460.19503.33532.09
WACC / Discount Rate9.33%9.33%9.33%
Growth Rate5.50%6.50%7.50%
Fair Value$12,678.28$18,945.78$31,267.44
Upside / Downside287.95%479.74%856.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)135,049.02143,827.21153,175.98163,132.41173,736.02185,028.86190,579.73
Payout Ratio21.76%35.41%49.05%62.70%76.35%90.00%92.50%
Projected Dividends (M)29,381.8950,922.2775,138.76102,288.24132,649.70166,525.98176,286.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.33%9.33%9.33%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)46,139.5946,576.9347,014.27
Year 2 PV (M)61,687.3262,862.2964,048.35
Year 3 PV (M)76,089.3078,273.5580,499.21
Year 4 PV (M)89,406.7192,845.0496,381.60
Year 5 PV (M)101,697.85106,609.90111,709.94
PV of Terminal Value (M)1,700,931.841,783,087.481,868,387.41
Equity Value (M)2,075,952.612,170,255.192,268,040.78
Shares Outstanding (M)234.77234.77234.77
Fair Value$8,842.45$9,244.13$9,660.64
Upside / Downside170.58%182.87%195.61%

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