Definitive Analysis
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Definitive Analysis

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Definity Financial Corporation (DFY.TO)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$32.74 - $48.68$40.34
Multi-Stage$60.31 - $66.39$63.29
Blended Fair Value$51.82
Current Price$79.37
Upside-34.71%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.630.540.5416.200.000.000.000.000.000.00
YoY Growth--16.61%-0.16%-96.68%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.98%1.24%1.52%50.73%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)476.80
(-) Cash Dividends Paid (M)84.50
(=) Cash Retained (M)392.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)95.3659.6035.76
Cash Retained (M)392.30392.30392.30
(-) Cash Required (M)-95.36-59.60-35.76
(=) Excess Retained (M)296.94332.70356.54
(/) Shares Outstanding (M)117.85117.85117.85
(=) Excess Retained per Share2.522.823.03
LTM Dividend per Share0.720.720.72
(+) Excess Retained per Share2.522.823.03
(=) Adjusted Dividend3.243.543.74
WACC / Discount Rate7.69%7.69%7.69%
Growth Rate-2.00%-1.00%0.00%
Fair Value$32.74$40.34$48.68
Upside / Downside-58.75%-49.17%-38.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)476.80472.03467.31462.64458.01453.43467.04
Payout Ratio17.72%32.18%46.63%61.09%75.54%90.00%92.50%
Projected Dividends (M)84.50151.89217.92282.62346.00408.09432.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.69%7.69%7.69%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)139.62141.05142.47
Year 2 PV (M)184.14187.92191.74
Year 3 PV (M)219.53226.32233.24
Year 4 PV (M)247.05257.29267.85
Year 5 PV (M)267.85281.80296.32
PV of Terminal Value (M)6,049.636,364.656,692.65
Equity Value (M)7,107.827,459.027,824.27
Shares Outstanding (M)117.85117.85117.85
Fair Value$60.31$63.29$66.39
Upside / Downside-24.01%-20.26%-16.35%

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