Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Sector

Eaton Corporation plc (ETN)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$205.27 - $484.78$302.44
Multi-Stage$253.16 - $277.68$265.19
Blended Fair Value$283.81
Current Price$374.25
Upside-24.16%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.55%4.91%3.823.513.303.102.993.062.922.722.642.61
YoY Growth--8.77%6.16%6.56%3.74%-2.16%4.53%7.58%2.99%1.07%10.44%
Dividend Yield--1.40%1.12%1.93%2.04%2.16%3.93%3.55%3.40%3.56%4.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,927.00
(-) Cash Dividends Paid (M)1,592.00
(=) Cash Retained (M)2,335.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)785.40490.88294.53
Cash Retained (M)2,335.002,335.002,335.00
(-) Cash Required (M)-785.40-490.88-294.53
(=) Excess Retained (M)1,549.601,844.132,040.48
(/) Shares Outstanding (M)393.05393.05393.05
(=) Excess Retained per Share3.944.695.19
LTM Dividend per Share4.054.054.05
(+) Excess Retained per Share3.944.695.19
(=) Adjusted Dividend7.998.749.24
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate2.55%3.55%4.55%
Fair Value$205.27$302.44$484.78
Upside / Downside-45.15%-19.19%29.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,927.004,066.274,210.484,359.814,514.434,674.544,814.78
Payout Ratio40.54%50.43%60.32%70.22%80.11%90.00%92.50%
Projected Dividends (M)1,592.002,050.702,539.933,061.283,616.424,207.094,453.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate2.55%3.55%4.55%
Year 1 PV (M)1,906.231,924.821,943.41
Year 2 PV (M)2,194.682,237.692,281.12
Year 3 PV (M)2,458.822,531.452,605.51
Year 4 PV (M)2,700.082,806.952,916.96
Year 5 PV (M)2,919.803,064.973,215.85
PV of Terminal Value (M)87,324.2391,665.8796,178.51
Equity Value (M)99,503.83104,231.75109,141.36
Shares Outstanding (M)393.05393.05393.05
Fair Value$253.16$265.19$277.68
Upside / Downside-32.36%-29.14%-25.80%

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