Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mondelez International, Inc. (0R0G.L)

Company Dividend Discount ModelIndustry: Food ConfectionersSector: Consumer Defensive

Valuation Snapshot

Stable Growth$454.34 - $535.28$501.64
Multi-Stage$105.17 - $115.11$110.05
Blended Fair Value$305.84
Current Price$62.47
Upside389.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.78%9.32%1.791.651.511.391.281.181.040.910.830.77
YoY Growth--8.75%8.82%8.71%8.82%8.82%13.47%13.44%9.51%8.53%4.56%
Dividend Yield--2.64%2.36%2.17%2.22%2.19%2.35%2.08%2.19%1.94%1.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,531.00
(-) Cash Dividends Paid (M)2,469.00
(=) Cash Retained (M)1,062.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)706.20441.38264.83
Cash Retained (M)1,062.001,062.001,062.00
(-) Cash Required (M)-706.20-441.38-264.83
(=) Excess Retained (M)355.80620.63797.18
(/) Shares Outstanding (M)1,311.881,311.881,311.88
(=) Excess Retained per Share0.270.470.61
LTM Dividend per Share1.881.881.88
(+) Excess Retained per Share0.270.470.61
(=) Adjusted Dividend2.152.362.49
WACC / Discount Rate5.70%5.70%5.70%
Growth Rate5.50%6.50%7.50%
Fair Value$454.34$501.64$535.28
Upside / Downside627.29%703.01%756.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,531.003,760.524,004.954,265.274,542.514,837.784,982.91
Payout Ratio69.92%73.94%77.95%81.97%85.98%90.00%92.50%
Projected Dividends (M)2,469.002,780.483,122.023,496.223,905.874,354.004,609.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.70%5.70%5.70%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,605.922,630.622,655.32
Year 2 PV (M)2,742.312,794.552,847.27
Year 3 PV (M)2,878.192,960.823,045.01
Year 4 PV (M)3,013.563,129.453,248.66
Year 5 PV (M)3,148.413,300.483,458.37
PV of Terminal Value (M)123,584.30129,553.47135,751.09
Equity Value (M)137,972.69144,369.38151,005.71
Shares Outstanding (M)1,311.881,311.881,311.88
Fair Value$105.17$110.05$115.11
Upside / Downside68.36%76.16%84.26%

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