Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company

Ticker

Industry

Sector

Travel + Leisure Co. (TNL)

Company Dividend Discount ModelIndustry: Travel ServicesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$42.58 - $61.51$51.79
Multi-Stage$109.11 - $120.24$114.56
Blended Fair Value$83.18
Current Price$59.49
Upside39.82%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.07%-2.29%2.102.012.001.612.042.462.873.583.302.99
YoY Growth--4.41%0.74%23.85%-21.01%-16.87%-14.43%-19.83%8.52%10.40%12.85%
Dividend Yield--4.54%4.20%5.09%2.78%3.34%11.32%6.96%6.93%8.67%8.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)411.00
(-) Cash Dividends Paid (M)226.00
(=) Cash Retained (M)185.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)82.2051.3830.83
Cash Retained (M)185.00185.00185.00
(-) Cash Required (M)-82.20-51.38-30.83
(=) Excess Retained (M)102.80133.63154.18
(/) Shares Outstanding (M)67.6067.6067.60
(=) Excess Retained per Share1.521.982.28
LTM Dividend per Share3.343.343.34
(+) Excess Retained per Share1.521.982.28
(=) Adjusted Dividend4.865.325.62
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate-4.29%-3.29%-2.29%
Fair Value$42.58$51.79$61.51
Upside / Downside-28.43%-12.94%3.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)411.00397.48384.41371.77359.54347.71358.14
Payout Ratio54.99%61.99%68.99%76.00%83.00%90.00%92.50%
Projected Dividends (M)226.00246.40265.21282.52298.41312.94331.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate-4.29%-3.29%-2.29%
Year 1 PV (M)228.66231.05233.44
Year 2 PV (M)228.40233.20238.04
Year 3 PV (M)225.79232.94240.24
Year 4 PV (M)221.31230.70240.40
Year 5 PV (M)215.38226.87238.84
PV of Terminal Value (M)6,255.986,589.706,937.51
Equity Value (M)7,375.517,744.458,128.46
Shares Outstanding (M)67.6067.6067.60
Fair Value$109.11$114.56$120.24
Upside / Downside83.40%92.57%102.12%

High-Yield Dividend Screener

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