Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Zions Bancorporation, National Association (0M3L.L)

Company Dividend Discount ModelIndustry: BanksSector: Financial Services

Valuation Snapshot

Stable Growth$274.02 - $1,145.51$693.41
Multi-Stage$136.21 - $149.01$142.50
Blended Fair Value$417.95
Current Price$55.62
Upside651.45%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.94%9.94%1.681.921.831.771.761.771.600.880.730.73
YoY Growth---12.06%4.83%3.07%0.77%-0.38%10.17%82.95%19.61%-0.14%12.35%
Dividend Yield--3.43%4.49%6.22%2.73%3.18%7.15%3.44%1.68%1.68%1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)848.00
(-) Cash Dividends Paid (M)263.00
(=) Cash Retained (M)585.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)169.60106.0063.60
Cash Retained (M)585.00585.00585.00
(-) Cash Required (M)-169.60-106.00-63.60
(=) Excess Retained (M)415.40479.00521.40
(/) Shares Outstanding (M)147.22147.22147.22
(=) Excess Retained per Share2.823.253.54
LTM Dividend per Share1.791.791.79
(+) Excess Retained per Share2.823.253.54
(=) Adjusted Dividend4.615.045.33
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate5.50%6.50%7.50%
Fair Value$274.02$693.41$1,145.51
Upside / Downside392.67%1,146.69%1,959.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)848.00903.12961.821,024.341,090.921,161.831,196.69
Payout Ratio31.01%42.81%54.61%66.41%78.20%90.00%92.50%
Projected Dividends (M)263.00386.64525.24680.22853.131,045.651,106.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)357.04360.42363.80
Year 2 PV (M)447.89456.42465.03
Year 3 PV (M)535.64551.02566.69
Year 4 PV (M)620.37644.22668.76
Year 5 PV (M)702.14736.06771.27
PV of Terminal Value (M)17,390.8318,230.8219,102.95
Equity Value (M)20,053.9120,978.9621,938.51
Shares Outstanding (M)147.22147.22147.22
Fair Value$136.21$142.50$149.01
Upside / Downside144.90%156.20%167.92%

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