Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Portland General Electric Company (POR)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$465.81 - $548.80$514.31
Multi-Stage$113.66 - $124.41$118.94
Blended Fair Value$316.62
Current Price$44.00
Upside619.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.34%8.68%1.821.631.441.371.281.221.141.071.000.88
YoY Growth--11.73%13.29%5.33%7.14%4.48%7.20%5.93%7.27%13.40%11.49%
Dividend Yield--4.08%3.89%2.94%2.48%2.69%2.55%2.20%2.65%2.26%2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)303.00
(-) Cash Dividends Paid (M)219.00
(=) Cash Retained (M)84.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)60.6037.8822.73
Cash Retained (M)84.0084.0084.00
(-) Cash Required (M)-60.60-37.88-22.73
(=) Excess Retained (M)23.4046.1361.28
(/) Shares Outstanding (M)109.80109.80109.80
(=) Excess Retained per Share0.210.420.56
LTM Dividend per Share1.991.991.99
(+) Excess Retained per Share0.210.420.56
(=) Adjusted Dividend2.212.412.55
WACC / Discount Rate5.56%5.56%5.56%
Growth Rate5.50%6.50%7.50%
Fair Value$465.81$514.31$548.80
Upside / Downside958.65%1,068.88%1,147.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)303.00322.70343.67366.01389.80415.14427.59
Payout Ratio72.28%75.82%79.37%82.91%86.46%90.00%92.50%
Projected Dividends (M)219.00244.67272.76303.46337.00373.62395.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.56%5.56%5.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)229.60231.78233.95
Year 2 PV (M)240.19244.77249.38
Year 3 PV (M)250.77257.96265.30
Year 4 PV (M)261.33271.38281.72
Year 5 PV (M)271.88285.01298.65
PV of Terminal Value (M)11,226.7011,768.9512,331.96
Equity Value (M)12,480.4613,059.8513,660.96
Shares Outstanding (M)109.80109.80109.80
Fair Value$113.66$118.94$124.41
Upside / Downside158.33%170.32%182.76%

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