Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

LCI Industries (LCII)

Company Dividend Discount ModelIndustry: Auto - Recreational VehiclesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$140.36 - $310.39$202.21
Multi-Stage$107.10 - $116.66$111.80
Blended Fair Value$157.00
Current Price$93.15
Upside68.55%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.40%8.89%4.354.234.083.462.802.542.362.031.371.92
YoY Growth--2.95%3.51%17.84%23.82%10.32%7.66%16.09%48.26%-28.59%3.26%
Dividend Yield--4.98%3.52%3.72%3.34%2.12%3.79%3.03%1.95%1.37%2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)179.11
(-) Cash Dividends Paid (M)115.50
(=) Cash Retained (M)63.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)35.8222.3913.43
Cash Retained (M)63.6263.6263.62
(-) Cash Required (M)-35.82-22.39-13.43
(=) Excess Retained (M)27.8041.2350.18
(/) Shares Outstanding (M)25.1625.1625.16
(=) Excess Retained per Share1.101.641.99
LTM Dividend per Share4.594.594.59
(+) Excess Retained per Share1.101.641.99
(=) Adjusted Dividend5.696.236.58
WACC / Discount Rate9.78%9.78%9.78%
Growth Rate5.50%6.50%7.50%
Fair Value$140.36$202.21$310.39
Upside / Downside50.68%117.08%233.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)179.11190.76203.15216.36230.42245.40252.76
Payout Ratio64.48%69.59%74.69%79.79%84.90%90.00%92.50%
Projected Dividends (M)115.50132.74151.73172.64195.62220.86233.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.78%9.78%9.78%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)119.78120.91122.05
Year 2 PV (M)123.55125.90128.28
Year 3 PV (M)126.84130.49134.20
Year 4 PV (M)129.70134.68139.81
Year 5 PV (M)132.13138.51145.14
PV of Terminal Value (M)2,062.912,162.552,266.00
Equity Value (M)2,694.912,813.042,935.47
Shares Outstanding (M)25.1625.1625.16
Fair Value$107.10$111.80$116.66
Upside / Downside14.98%20.02%25.24%

High-Yield Dividend Screener

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