Definitive Analysis
Definitive Analysis

Get Full Access

See Pricing Start Free Trial

Lincoln National Corporation (LNC)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$114.03 - $177.46$143.32
Multi-Stage$149.73 - $164.26$156.86
Blended Fair Value$150.09
Current Price$40.33
Upside272.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.26%6.09%1.701.691.721.761.721.681.601.451.321.13
YoY Growth--0.66%-1.61%-2.82%2.57%2.64%4.84%10.31%10.08%16.67%20.00%
Dividend Yield--4.73%5.34%7.63%2.70%2.76%6.37%2.58%1.98%2.01%2.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,109.00
(-) Cash Dividends Paid (M)316.00
(=) Cash Retained (M)1,793.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)421.80263.63158.18
Cash Retained (M)1,793.001,793.001,793.00
(-) Cash Required (M)-421.80-263.63-158.18
(=) Excess Retained (M)1,371.201,529.381,634.83
(/) Shares Outstanding (M)180.75180.75180.75
(=) Excess Retained per Share7.598.469.04
LTM Dividend per Share1.751.751.75
(+) Excess Retained per Share7.598.469.04
(=) Adjusted Dividend9.3310.2110.79
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate0.84%1.84%2.84%
Fair Value$114.03$143.32$177.46
Upside / Downside182.75%255.38%340.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,109.002,147.872,187.462,227.782,268.842,310.662,379.98
Payout Ratio14.98%29.99%44.99%59.99%75.00%90.00%92.50%
Projected Dividends (M)316.00644.08984.141,336.521,701.562,079.602,201.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate0.84%1.84%2.84%
Year 1 PV (M)584.57590.37596.16
Year 2 PV (M)810.69826.84843.16
Year 3 PV (M)999.241,029.261,059.88
Year 4 PV (M)1,154.621,201.101,248.97
Year 5 PV (M)1,280.761,345.541,412.90
PV of Terminal Value (M)22,233.9823,358.4624,527.99
Equity Value (M)27,063.8528,351.5729,689.07
Shares Outstanding (M)180.75180.75180.75
Fair Value$149.73$156.86$164.26
Upside / Downside271.27%288.93%307.28%

High-Yield Dividend Screener

« Prev Page 17 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
PBY-UN.TOCanso Credit Trust - Canso Credit Income Fund6.89%$1.1043.72%
002267.SZShaanxi Provincial Natural Gas Co.,Ltd6.88%$0.5285.38%
0590.HKLuk Fook Holdings (International) Limited6.88%$1.6433.93%
0QPD.LAllreal Holding AG6.88%$14.0066.23%
8967.TJapan Logistics Fund, Inc.6.88%$7,165.6791.03%
3356.TWGeoVision Inc.6.87%$3.2561.01%
OPUS.BDOPUS GLOBAL Nyrt.6.87%$37.7385.10%
INK.WAInstal Kraków S.A.6.86%$2.5241.25%
NLB.ILNova Ljubljanska Banka d.d.6.86%$2.4749.72%
0148.HKKingboard Holdings Limited6.85%$2.0345.96%
3592.TWRaydium Semiconductor Corporation6.85%$15.1468.63%
ABEV3.SAAmbev S.A.6.85%$0.9391.30%
ETER3.SAEternit S.A.6.85%$0.2835.41%
HTC-R.BKHaad Thip Public Company Limited6.85%$1.0269.98%
PBAPembina Pipeline Corporation6.85%$2.6486.47%
2527.TWHung Ching Development & Construction Co., Ltd.6.84%$2.0048.52%
3466.TLaSalle LOGIPORT REIT6.84%$10,849.3675.97%
KLINIQ.BKThe Klinique Medical Clinic Public Company Limited6.82%$1.4690.74%
LPF.BKLotus's Retail Growth Freehold and Leasehold Property Fund6.82%$0.7383.53%
CLWTEuro Tech Holdings Company Limited6.81%$0.0824.63%
TMD.BKThai Metal Drum Manufacturing Public Company Limited6.80%$1.7775.56%
FID.AXFiducian Group Ltd6.79%$0.7974.24%
NNND.FTencent Holdings Limited6.79%$4.6820.82%
RIC.AXRidley Corporation Limited6.79%$0.1867.95%
8961.TMORI TRUST Sogo Reit, Inc.6.78%$5,291.8468.53%
CENCOSHOPP.SNCencosud Shopping S.A.6.78%$94.9375.52%
COVH.PACovivio Hotels6.78%$1.5487.52%
FLOYD.BKFloyd Public Company Limited6.78%$0.0834.43%
ALGIR.PASignaux Girod S.A.6.77%$1.0032.73%
0144.HKChina Merchants Port Holdings Company Limited6.76%$1.0329.79%
0512.HKGrand Pharmaceutical Group Limited6.76%$0.5341.13%
TOG.BKThai Optical Group Public Company Limited6.76%$0.4566.31%
SSF.BKSurapon Foods Public Company Limited6.75%$0.3466.42%
0RU6.LSpareBank 1 Ostlandet6.74%$13.9853.75%
2313.HKShenzhou International Group Holdings Limited6.74%$4.1853.04%
600188.SSYankuang Energy Group Company Limited6.74%$0.8977.55%
0QO2.LBurkhalter Holding AG6.73%$9.3188.33%
82331.HKLi Ning Company Limited6.73%$1.1350.46%
TBR.AXTribune Resources Limited6.73%$0.4055.86%
200512.SZTsann Kuen (China) Enterprise Co., Ltd.6.72%$0.2174.88%
C07.SIJardine Cycle & Carriage Limited6.72%$2.2847.91%
GISS.QAGulf International Services Q.P.S.C.6.72%$0.1745.22%
MELG.OLMelhus Sparebank6.72%$13.5025.36%
SGP.AXStockland6.72%$0.3982.32%
UNI.AXUniversal Store Holdings Limited6.72%$0.5481.02%
0R6M.LIntershop Holding AG6.71%$11.0031.38%
CEEB3.SACompanhia de Eletricidade do Estado da Bahia - COELBA6.71%$3.0237.99%
017940.KSE1 Corporation6.70%$5,410.2182.17%
3080.SREastern Province Cement Company6.70%$1.6056.11%
CNQCanadian Natural Resources Limited6.70%$2.3071.45%