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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | zł1.05 - zł1.05 | zł1.05 |
| Adjusted Dividend Yield | 4.4% - 4.4% | 4.4% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.0% - 8.0% | 9.0% |
| Fair Value | zł23.27 - zł49.35 | zł31.65 |
| Upside | -3.0% - 105.6% | 31.9% |
| Calculate Adjusted Dividend | ||||||||
| (PLN in millions) | Latest | Notes | ||||||
| Net Income To Common | 3 | |||||||
| (-) Cash Dividends Paid | (5) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 3 | 3 | 3 | |||||
| (=) Cash Required | 1 | 0 | 0 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (1) | (0) | (0) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (PLN) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 4.7 | 4.7 | 4.7 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.05 | 1.05 | 1.05 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 1.05 | 1.05 | 1.05 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 1.05 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.0% | 8.5% | 9.0% | 9.5% | 10.0% | |||
| 3.5% | 24.15 | 21.74 | 19.76 | 18.11 | 16.72 | |||
| 4.5% | 31.35 | 27.43 | 24.39 | 21.95 | 19.95 | |||
| 5.5% | 44.31 | 36.93 | 31.65 | 27.70 | 24.62 | |||
| 6.5% | 74.56 | 55.92 | 44.73 | 37.28 | 31.95 | |||
| 7.5% | NM | 112.89 | 75.26 | 56.44 | 45.15 | |||