Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

The TJX Companies, Inc. (TJX)

Company Dividend Discount ModelIndustry: Apparel - RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$93.56 - $216.07$136.81
Multi-Stage$67.76 - $73.96$70.80
Blended Fair Value$103.81
Current Price$140.14
Upside-25.93%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS8.99%13.47%1.461.311.181.110.250.950.820.680.580.48
YoY Growth--11.05%10.83%6.96%350.30%-74.06%16.15%20.75%17.37%19.61%16.82%
Dividend Yield--1.13%1.38%1.50%1.81%0.35%1.96%1.51%1.63%1.46%1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,119.00
(-) Cash Dividends Paid (M)1,793.00
(=) Cash Retained (M)3,326.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,023.80639.88383.93
Cash Retained (M)3,326.003,326.003,326.00
(-) Cash Required (M)-1,023.80-639.88-383.93
(=) Excess Retained (M)2,302.202,686.132,942.08
(/) Shares Outstanding (M)1,131.001,131.001,131.00
(=) Excess Retained per Share2.042.382.60
LTM Dividend per Share1.591.591.59
(+) Excess Retained per Share2.042.382.60
(=) Adjusted Dividend3.623.964.19
WACC / Discount Rate9.58%9.58%9.58%
Growth Rate5.50%6.50%7.50%
Fair Value$93.56$136.81$216.07
Upside / Downside-33.24%-2.38%54.18%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,119.005,451.745,806.106,183.496,585.427,013.477,223.88
Payout Ratio35.03%46.02%57.02%68.01%79.01%90.00%92.50%
Projected Dividends (M)1,793.002,508.953,310.394,205.435,202.836,312.136,682.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.58%9.58%9.58%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,268.042,289.542,311.04
Year 2 PV (M)2,705.202,756.732,808.74
Year 3 PV (M)3,106.633,195.813,286.68
Year 4 PV (M)3,474.393,608.003,745.44
Year 5 PV (M)3,810.433,994.484,185.57
PV of Terminal Value (M)61,275.5964,235.2267,308.13
Equity Value (M)76,640.2880,079.7883,645.59
Shares Outstanding (M)1,131.001,131.001,131.00
Fair Value$67.76$70.80$73.96
Upside / Downside-51.65%-49.48%-47.23%

High-Yield Dividend Screener

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