Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Vaudoise Assurances Holding S.A. (0QN7.L)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$861.09 - $1,286.80$1,063.29
Multi-Stage$1,115.18 - $1,219.50$1,166.37
Blended Fair Value$1,114.83
Current Price$610.00
Upside82.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.79%3.37%19.6920.5718.0619.0217.0517.1514.7215.4913.4315.15
YoY Growth---4.29%13.92%-5.10%11.61%-0.62%16.53%-5.01%15.42%-11.38%7.18%
Dividend Yield--3.98%4.67%4.27%4.28%3.59%3.00%3.03%2.93%2.79%2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)293.56
(-) Cash Dividends Paid (M)123.44
(=) Cash Retained (M)170.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58.7136.6922.02
Cash Retained (M)170.11170.11170.11
(-) Cash Required (M)-58.71-36.69-22.02
(=) Excess Retained (M)111.40133.42148.10
(/) Shares Outstanding (M)2.902.902.90
(=) Excess Retained per Share38.4346.0251.09
LTM Dividend per Share42.5842.5842.58
(+) Excess Retained per Share38.4346.0251.09
(=) Adjusted Dividend81.0188.6093.67
WACC / Discount Rate10.28%10.28%10.28%
Growth Rate0.79%1.79%2.79%
Fair Value$861.09$1,063.29$1,286.80
Upside / Downside41.16%74.31%110.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)293.56298.82304.18309.64315.19320.84330.47
Payout Ratio42.05%51.64%61.23%70.82%80.41%90.00%92.50%
Projected Dividends (M)123.44154.31186.25219.29253.44288.76305.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.28%10.28%10.28%
Growth Rate0.79%1.79%2.79%
Year 1 PV (M)138.56139.93141.31
Year 2 PV (M)150.16153.16156.18
Year 3 PV (M)158.75163.52168.39
Year 4 PV (M)164.74171.38178.21
Year 5 PV (M)168.54177.06185.93
PV of Terminal Value (M)2,452.152,576.232,705.28
Equity Value (M)3,232.903,381.283,535.31
Shares Outstanding (M)2.902.902.90
Fair Value$1,115.18$1,166.37$1,219.50
Upside / Downside82.82%91.21%99.92%

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