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Ingram Micro Holding Corporation (INGM)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$8.99 - $13.03$10.95
Multi-Stage$14.15 - $15.54$14.83
Blended Fair Value$12.89
Current Price$20.82
Upside-38.07%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-52.25%0.00%0.030.047.461.831.531.060.780.450.000.13
YoY Growth---40.99%-99.40%307.49%19.57%44.75%36.25%72.57%0.00%-100.00%0.00%
Dividend Yield--0.15%0.18%30.33%7.44%6.22%4.30%3.16%1.83%0.00%0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)289.59
(-) Cash Dividends Paid (M)59.15
(=) Cash Retained (M)230.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)57.9236.2021.72
Cash Retained (M)230.44230.44230.44
(-) Cash Required (M)-57.92-36.20-21.72
(=) Excess Retained (M)172.52194.24208.72
(/) Shares Outstanding (M)235.07235.07235.07
(=) Excess Retained per Share0.730.830.89
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.730.830.89
(=) Adjusted Dividend0.991.081.14
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-1.68%-0.68%0.32%
Fair Value$8.99$10.95$13.03
Upside / Downside-56.80%-47.39%-37.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)289.59287.63285.69283.76281.84279.93288.33
Payout Ratio20.42%34.34%48.25%62.17%76.08%90.00%92.50%
Projected Dividends (M)59.1598.77137.86176.41214.44251.94266.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-1.68%-0.68%0.32%
Year 1 PV (M)89.6290.5391.45
Year 2 PV (M)113.50115.82118.17
Year 3 PV (M)131.79135.85140.00
Year 4 PV (M)145.36151.37157.56
Year 5 PV (M)154.97163.01171.38
PV of Terminal Value (M)2,690.242,829.862,975.21
Equity Value (M)3,325.493,486.453,653.76
Shares Outstanding (M)235.07235.07235.07
Fair Value$14.15$14.83$15.54
Upside / Downside-32.05%-28.76%-25.34%

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