Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

FactSet Research Systems Inc. (FDS)

Company Dividend Discount ModelIndustry: Financial - Data & Stock ExchangesSector: Financial Services

Valuation Snapshot

Stable Growth$349.29 - $880.29$525.61
Multi-Stage$247.19 - $269.79$258.29
Blended Fair Value$391.95
Current Price$373.32
Upside4.99%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.69%9.17%4.163.923.613.283.072.882.602.332.111.93
YoY Growth--6.18%8.71%10.06%6.79%6.78%10.38%11.90%10.52%9.00%11.52%
Dividend Yield--1.12%0.80%0.80%0.71%0.66%0.86%1.00%0.99%1.05%1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)597.04
(-) Cash Dividends Paid (M)236.66
(=) Cash Retained (M)360.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)119.4174.6344.78
Cash Retained (M)360.38360.38360.38
(-) Cash Required (M)-119.41-74.63-44.78
(=) Excess Retained (M)240.97285.75315.60
(/) Shares Outstanding (M)38.4138.4138.41
(=) Excess Retained per Share6.277.448.22
LTM Dividend per Share6.166.166.16
(+) Excess Retained per Share6.277.448.22
(=) Adjusted Dividend12.4313.6014.38
WACC / Discount Rate9.26%9.26%9.26%
Growth Rate5.50%6.50%7.50%
Fair Value$349.29$525.61$880.29
Upside / Downside-6.44%40.79%135.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)597.04635.85677.18721.19768.07818.00842.54
Payout Ratio39.64%49.71%59.78%69.86%79.93%90.00%92.50%
Projected Dividends (M)236.66316.09404.84503.79613.90736.20779.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.26%9.26%9.26%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)286.59289.31292.02
Year 2 PV (M)332.81339.15345.55
Year 3 PV (M)375.51386.29397.28
Year 4 PV (M)414.89430.84447.26
Year 5 PV (M)451.11472.90495.52
PV of Terminal Value (M)7,633.758,002.468,385.28
Equity Value (M)9,494.679,920.9610,362.92
Shares Outstanding (M)38.4138.4138.41
Fair Value$247.19$258.29$269.79
Upside / Downside-33.79%-30.81%-27.73%

High-Yield Dividend Screener

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