Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yamama Saudi Cement Company (3020.SR)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$42.99 - $100.12$63.04
Multi-Stage$37.44 - $40.90$39.14
Blended Fair Value$51.09
Current Price$31.74
Upside60.96%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS107.40%-12.35%0.991.000.000.010.490.030.000.251.462.95
YoY Growth---1.48%43,068.53%-67.10%-98.54%1,785.27%0.00%-100.00%-82.61%-50.54%-20.11%
Dividend Yield--2.48%3.04%0.01%0.02%1.46%0.14%0.00%1.59%8.00%10.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)422.07
(-) Cash Dividends Paid (M)214.09
(=) Cash Retained (M)207.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)84.4152.7631.66
Cash Retained (M)207.98207.98207.98
(-) Cash Required (M)-84.41-52.76-31.66
(=) Excess Retained (M)123.57155.23176.33
(/) Shares Outstanding (M)202.41202.41202.41
(=) Excess Retained per Share0.610.770.87
LTM Dividend per Share1.061.061.06
(+) Excess Retained per Share0.610.770.87
(=) Adjusted Dividend1.671.821.93
WACC / Discount Rate8.37%8.37%8.37%
Growth Rate4.32%5.32%6.32%
Fair Value$42.99$63.04$100.12
Upside / Downside35.44%98.62%215.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)422.07444.54468.21493.13519.39547.04563.45
Payout Ratio50.72%58.58%66.43%74.29%82.14%90.00%92.50%
Projected Dividends (M)214.09260.40311.05366.34426.65492.33521.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.37%8.37%8.37%
Growth Rate4.32%5.32%6.32%
Year 1 PV (M)238.01240.29242.57
Year 2 PV (M)259.84264.85269.90
Year 3 PV (M)279.71287.83296.11
Year 4 PV (M)297.73309.31321.23
Year 5 PV (M)314.02329.36345.30
PV of Terminal Value (M)6,188.036,490.356,804.37
Equity Value (M)7,577.347,921.998,279.47
Shares Outstanding (M)202.41202.41202.41
Fair Value$37.44$39.14$40.90
Upside / Downside17.94%23.31%28.87%

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