Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Leggett & Platt, Incorporated (LEG)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$13.78 - $20.90$17.13
Multi-Stage$44.03 - $48.67$46.31
Blended Fair Value$31.72
Current Price$8.88
Upside257.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.80%-2.04%0.981.721.651.571.521.471.391.331.281.23
YoY Growth---43.07%4.45%4.99%3.22%3.37%5.63%4.36%4.62%3.38%2.45%
Dividend Yield--12.39%9.11%5.17%4.51%3.33%5.51%3.27%3.01%2.53%2.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)224.40
(-) Cash Dividends Paid (M)26.80
(=) Cash Retained (M)197.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)44.8828.0516.83
Cash Retained (M)197.60197.60197.60
(-) Cash Required (M)-44.88-28.05-16.83
(=) Excess Retained (M)152.72169.55180.77
(/) Shares Outstanding (M)139.10139.10139.10
(=) Excess Retained per Share1.101.221.30
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share1.101.221.30
(=) Adjusted Dividend1.291.411.49
WACC / Discount Rate5.42%5.42%5.42%
Growth Rate-3.60%-2.60%-1.60%
Fair Value$13.78$17.13$20.90
Upside / Downside55.22%92.91%135.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)224.40218.56212.87207.33201.93196.68202.58
Payout Ratio11.94%27.55%43.17%58.78%74.39%90.00%92.50%
Projected Dividends (M)26.8060.2291.89121.86150.21177.01187.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.42%5.42%5.42%
Growth Rate-3.60%-2.60%-1.60%
Year 1 PV (M)56.5457.1257.71
Year 2 PV (M)80.9982.6884.38
Year 3 PV (M)100.84104.01107.24
Year 4 PV (M)116.69121.61126.68
Year 5 PV (M)129.10135.93143.06
PV of Terminal Value (M)5,641.025,939.756,251.00
Equity Value (M)6,125.186,441.116,770.08
Shares Outstanding (M)139.10139.10139.10
Fair Value$44.03$46.31$48.67
Upside / Downside395.88%421.46%448.09%

High-Yield Dividend Screener

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