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Definitive Analysis

Financial Statements

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Page: Dividend Discount Model

H & M Hennes & Mauritz AB (publ)

Ticker: HMSB.DE | Industry: Apparel - Manufacturers | Sector: Consumer Cyclical
$16.70 +0.10 (0.60%)
As of: 2026-01-23

Master Data Export


Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$336.04 - $768.19$479.13
Multi-Stage DDM$104.52 - $114.27$109.31
Blended Fair Value$294.22
Stock Price$16.57

Dividend History (Last 10 Years)

Metric2024202320222021202020192018201720162015
DPS6.4886.4936.4786.5000.0009.7509.7509.7509.7509.750
YoY %-0.08%0.23%-0.35%0.00%-100.00%0.00%0.00%0.00%0.00%2.63%
Yield39.153%39.183%39.092%39.228%0.000%58.841%58.841%58.841%58.841%58.841%

CAGRValue
5 Year-7.82%
10 Year-3.74%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth5.16% to 7.16%6.16%
WACC9.00%9.00%
Fair Value$336.04 - $768.19$479.13

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income11,621.0011,621.0011,621.00
(=) Cash Required2,324.201,452.63871.58
Cash Retained11,621.0011,621.0011,621.00
(-) Cash Required-2,324.20-1,452.63-871.58
(=) Excess Retained9,296.8010,168.3810,749.43
(/) Shares Outstanding1,611,695,0001,611,695,0001,611,695,000
(=) Excess Retained per Share5.776.316.67
LTM Dividend per Share6.4886.4886.488
(+) Excess Retained per Share5.776.316.67
(=) Adjusted Dividend12.25612.79713.157

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income11,621.0012,337.3813,097.9213,905.3414,762.5415,672.58
Payout Ratio90.0%25.0%41.0%57.0%73.0%90.0%
Projected Dividends10,456.003,084.345,370.157,926.0510,776.6614,105.32

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV2,926.442,954.272,982.09
Year 2 PV4,630.484,718.964,808.28
Year 3 PV6,210.986,389.856,572.12
Year 4 PV7,674.517,970.608,275.19
Year 5 PV9,128.799,571.1410,030.49
TV PV137,882.87144,564.32151,502.30
Equity Value168,454.07176,169.14184,170.46
Fair Value$104.52$109.31$114.27
Stock Price$16.57$16.57$16.57

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