Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Fulton Financial Corporation (FULT)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$59.63 - $250.25$102.81
Multi-Stage$37.54 - $41.02$39.25
Blended Fair Value$71.03
Current Price$18.63
Upside281.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.36%7.48%0.720.630.630.610.490.500.490.440.380.36
YoY Growth--13.79%-0.23%3.55%23.17%-1.49%2.98%11.55%15.83%6.15%2.08%
Dividend Yield--3.96%4.02%4.57%3.67%2.90%4.37%3.06%2.46%2.11%2.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)361.26
(-) Cash Dividends Paid (M)141.69
(=) Cash Retained (M)219.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)72.2545.1627.09
Cash Retained (M)219.57219.57219.57
(-) Cash Required (M)-72.25-45.16-27.09
(=) Excess Retained (M)147.32174.41192.47
(/) Shares Outstanding (M)183.87183.87183.87
(=) Excess Retained per Share0.800.951.05
LTM Dividend per Share0.770.770.77
(+) Excess Retained per Share0.800.951.05
(=) Adjusted Dividend1.571.721.82
WACC / Discount Rate8.26%8.26%8.26%
Growth Rate5.48%6.48%7.48%
Fair Value$59.63$102.81$250.25
Upside / Downside220.05%451.84%1,243.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)361.26384.66409.58436.12464.37494.45509.29
Payout Ratio39.22%49.38%59.53%69.69%79.84%90.00%92.50%
Projected Dividends (M)141.69189.94243.84303.92370.77445.01471.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.26%8.26%8.26%
Growth Rate5.48%6.48%7.48%
Year 1 PV (M)173.80175.45177.09
Year 2 PV (M)204.16208.05211.98
Year 3 PV (M)232.85239.54246.35
Year 4 PV (M)259.93269.93280.22
Year 5 PV (M)285.47299.26313.58
PV of Terminal Value (M)5,746.506,024.126,312.36
Equity Value (M)6,902.727,216.357,541.59
Shares Outstanding (M)183.87183.87183.87
Fair Value$37.54$39.25$41.02
Upside / Downside101.51%110.67%120.16%

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