Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Piscines Desjoyaux S.A. (ALPDX.PA)

Company Dividend Discount ModelIndustry: LeisureSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$38.41 - $76.75$53.36
Multi-Stage$43.40 - $47.40$45.37
Blended Fair Value$49.36
Current Price$15.50
Upside218.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.43%6.96%1.001.001.020.510.510.510.510.510.510.51
YoY Growth--0.00%-1.97%99.98%0.02%0.04%-0.07%0.02%0.11%-0.20%0.00%
Dividend Yield--7.97%7.60%5.54%1.65%2.83%4.11%3.57%3.34%5.54%7.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)20.39
(-) Cash Dividends Paid (M)17.95
(=) Cash Retained (M)2.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.082.551.53
Cash Retained (M)2.442.442.44
(-) Cash Required (M)-4.08-2.55-1.53
(=) Excess Retained (M)-1.64-0.110.91
(/) Shares Outstanding (M)8.988.988.98
(=) Excess Retained per Share-0.18-0.010.10
LTM Dividend per Share2.002.002.00
(+) Excess Retained per Share-0.18-0.010.10
(=) Adjusted Dividend1.821.992.10
WACC / Discount Rate7.97%7.97%7.97%
Growth Rate3.09%4.09%5.09%
Fair Value$38.41$53.36$76.75
Upside / Downside147.80%244.25%395.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20.3921.2222.0923.0023.9424.9225.66
Payout Ratio88.06%88.45%88.83%89.22%89.61%90.00%92.50%
Projected Dividends (M)17.9518.7719.6220.5221.4522.4223.74

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.97%7.97%7.97%
Growth Rate3.09%4.09%5.09%
Year 1 PV (M)17.2217.3917.55
Year 2 PV (M)16.5116.8417.16
Year 3 PV (M)15.8416.3016.78
Year 4 PV (M)15.1915.7816.40
Year 5 PV (M)14.5615.2816.03
PV of Terminal Value (M)310.34325.69341.63
Equity Value (M)389.66407.28425.56
Shares Outstanding (M)8.988.988.98
Fair Value$43.40$45.37$47.40
Upside / Downside180.03%192.69%205.83%

High-Yield Dividend Screener

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