Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Gabelli Dividend Growth AAA (GABBX)

Company Dividend Discount ModelIndustry: Sector:

Valuation Snapshot

Stable Growth$156.05 - $226.58$190.25
Multi-Stage$266.40 - $292.49$279.19
Blended Fair Value$234.72
Current Price$18.15
Upside1,193.22%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%3.954.304.224.040.000.000.000.000.000.00
YoY Growth---8.26%1.93%4.47%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--23.34%24.84%25.94%22.07%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)627.37
(-) Cash Dividends Paid (M)252.32
(=) Cash Retained (M)375.05
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)125.4778.4247.05
Cash Retained (M)375.05375.05375.05
(-) Cash Required (M)-125.47-78.42-47.05
(=) Excess Retained (M)249.58296.63328.00
(/) Shares Outstanding (M)29.5429.5429.54
(=) Excess Retained per Share8.4510.0411.10
LTM Dividend per Share8.548.548.54
(+) Excess Retained per Share8.4510.0411.10
(=) Adjusted Dividend16.9918.5819.65
WACC / Discount Rate8.67%8.67%8.67%
Growth Rate-2.00%-1.00%0.00%
Fair Value$156.05$190.25$226.58
Upside / Downside759.76%948.19%1,148.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)627.37621.10614.88608.74602.65596.62614.52
Payout Ratio40.22%50.17%60.13%70.09%80.04%90.00%92.50%
Projected Dividends (M)252.32311.63369.74426.65482.38536.96568.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.67%8.67%8.67%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)283.87286.77289.67
Year 2 PV (M)306.80313.09319.45
Year 3 PV (M)322.48332.46342.63
Year 4 PV (M)332.13345.90360.09
Year 5 PV (M)336.78354.31372.57
PV of Terminal Value (M)6,287.426,614.826,955.72
Equity Value (M)7,869.488,247.358,640.13
Shares Outstanding (M)29.5429.5429.54
Fair Value$266.40$279.19$292.49
Upside / Downside1,367.78%1,438.26%1,511.52%

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