Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Amundi S.A. (AMUN.PA)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$324.67 - $987.06$516.73
Multi-Stage$259.85 - $284.37$271.88
Blended Fair Value$394.31
Current Price$68.70
Upside473.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.79%13.98%4.164.134.142.910.003.142.662.211.721.14
YoY Growth--0.59%-0.07%41.92%0.00%-100.00%18.16%20.38%28.03%51.60%1.16%
Dividend Yield--6.48%6.71%7.80%4.02%0.00%4.49%5.75%3.12%3.57%2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,550.61
(-) Cash Dividends Paid (M)830.55
(=) Cash Retained (M)1,720.06
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)510.12318.83191.30
Cash Retained (M)1,720.061,720.061,720.06
(-) Cash Required (M)-510.12-318.83-191.30
(=) Excess Retained (M)1,209.931,401.231,528.76
(/) Shares Outstanding (M)200.94200.94200.94
(=) Excess Retained per Share6.026.977.61
LTM Dividend per Share4.134.134.13
(+) Excess Retained per Share6.026.977.61
(=) Adjusted Dividend10.1511.1111.74
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate4.42%5.42%6.42%
Fair Value$324.67$516.73$987.06
Upside / Downside372.59%652.15%1,336.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,550.612,688.752,834.382,987.893,149.723,320.323,419.93
Payout Ratio32.56%44.05%55.54%67.03%78.51%90.00%92.50%
Projected Dividends (M)830.551,184.411,574.152,002.642,472.932,988.283,163.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate4.42%5.42%6.42%
Year 1 PV (M)1,089.481,099.911,110.34
Year 2 PV (M)1,331.931,357.561,383.44
Year 3 PV (M)1,558.671,603.891,649.97
Year 4 PV (M)1,770.441,839.241,910.03
Year 5 PV (M)1,967.932,063.982,163.76
PV of Terminal Value (M)44,495.3046,667.1748,923.04
Equity Value (M)52,213.7454,631.7657,140.58
Shares Outstanding (M)200.94200.94200.94
Fair Value$259.85$271.88$284.37
Upside / Downside278.24%295.75%313.93%

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