Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Liechtensteinische Landesbank AG (LLBN.SW)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$218.34 - $501.61$318.72
Multi-Stage$252.00 - $275.78$263.67
Blended Fair Value$291.20
Current Price$81.70
Upside256.42%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.12%6.66%2.692.502.302.192.192.101.891.601.501.41
YoY Growth--7.71%8.84%4.74%0.17%4.38%11.10%17.91%6.38%6.74%-0.19%
Dividend Yield--3.83%3.78%4.11%4.17%4.17%3.36%2.88%3.22%3.73%3.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)334.07
(-) Cash Dividends Paid (M)250.34
(=) Cash Retained (M)83.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)66.8141.7625.05
Cash Retained (M)83.7383.7383.73
(-) Cash Required (M)-66.81-41.76-25.05
(=) Excess Retained (M)16.9241.9758.67
(/) Shares Outstanding (M)30.6730.6730.67
(=) Excess Retained per Share0.551.371.91
LTM Dividend per Share8.168.168.16
(+) Excess Retained per Share0.551.371.91
(=) Adjusted Dividend8.719.5310.07
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate2.93%3.93%4.93%
Fair Value$218.34$318.72$501.61
Upside / Downside167.24%290.12%513.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)334.07347.19360.83375.01389.74405.06417.21
Payout Ratio74.94%77.95%80.96%83.97%86.99%90.00%92.50%
Projected Dividends (M)250.34270.63292.14314.91339.03364.55385.92

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate2.93%3.93%4.93%
Year 1 PV (M)250.41252.84255.27
Year 2 PV (M)250.11254.99259.92
Year 3 PV (M)249.46256.80264.29
Year 4 PV (M)248.49258.29268.38
Year 5 PV (M)247.23259.48272.21
PV of Terminal Value (M)6,484.426,805.607,139.37
Equity Value (M)7,730.128,088.008,459.44
Shares Outstanding (M)30.6730.6730.67
Fair Value$252.00$263.67$275.78
Upside / Downside208.45%222.73%237.55%

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