Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Farmland Partners Inc. (FPI)

Company Dividend Discount ModelIndustry: REIT - SpecialtySector: Real Estate

Valuation Snapshot

Stable Growth$32.64 - $87.15$50.01
Multi-Stage$24.09 - $26.22$25.13
Blended Fair Value$37.57
Current Price$10.88
Upside245.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS28.49%29.28%0.430.250.000.130.120.120.470.360.130.09
YoY Growth--76.24%0.00%-100.00%7.03%-3.80%-73.70%30.23%173.24%49.05%166.91%
Dividend Yield--3.90%2.27%0.00%0.93%1.07%2.05%7.13%4.34%1.19%0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)68.87
(-) Cash Dividends Paid (M)64.05
(=) Cash Retained (M)4.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.778.615.17
Cash Retained (M)4.824.824.82
(-) Cash Required (M)-13.77-8.61-5.17
(=) Excess Retained (M)-8.95-3.79-0.34
(/) Shares Outstanding (M)49.7449.7449.74
(=) Excess Retained per Share-0.18-0.08-0.01
LTM Dividend per Share1.291.291.29
(+) Excess Retained per Share-0.18-0.08-0.01
(=) Adjusted Dividend1.111.211.28
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Fair Value$32.64$50.01$87.15
Upside / Downside200.04%359.68%700.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)68.8773.3578.1183.1988.6094.3697.19
Payout Ratio93.00%92.40%91.80%91.20%90.60%90.00%92.50%
Projected Dividends (M)64.0567.7771.7175.8780.2784.9289.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)61.5562.1362.71
Year 2 PV (M)59.1460.2761.40
Year 3 PV (M)56.8358.4660.12
Year 4 PV (M)54.6056.7058.86
Year 5 PV (M)52.4654.9957.62
PV of Terminal Value (M)913.36957.481,003.28
Equity Value (M)1,197.931,250.021,304.00
Shares Outstanding (M)49.7449.7449.74
Fair Value$24.09$25.13$26.22
Upside / Downside121.37%131.00%140.97%

High-Yield Dividend Screener

« Prev Page 19 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
SIGISelective Insurance Group, Inc.1.77%$1.4822.19%
FUSBFirst US Bancshares, Inc.1.76%$0.2526.72%
RRyder System, Inc.1.76%$3.4128.29%
RGAReinsurance Group of America, Incorporated1.75%$3.5527.34%
TFG.ASTetragon Financial Group Limited1.75%$0.303.32%
WFCWells Fargo & Company1.75%$1.6725.46%
HCKTThe Hackett Group, Inc.1.74%$0.3485.97%
LEGLeggett & Platt, Incorporated1.74%$0.1911.94%
RPRXRoyalty Pharma plc1.74%$0.6749.36%
SFBCSound Financial Bancorp, Inc.1.74%$0.7637.96%
SXTSensient Technologies Corporation1.74%$1.6350.00%
MKTXMarketAxess Holdings Inc.1.73%$3.0952.31%
PRGPROG Holdings, Inc.1.73%$0.5112.57%
STELStellar Bancorp, Inc.1.73%$0.5326.88%
UFCSUnited Fire Group, Inc.1.73%$0.6214.63%
AMALAmalgamated Financial Corp.1.72%$0.5516.32%
BKThe Bank of New York Mellon Corporation1.72%$2.0127.06%
COWNCowen Inc.1.72%$0.6733.32%
DGDollar General Corporation1.72%$2.3540.66%
AMKRAmkor Technology, Inc.1.71%$0.7359.04%
DTFDTF Tax-Free Income 2028 Term Fund Inc.1.71%$0.2080.42%
ERIEErie Indemnity Company1.71%$4.7538.59%
FLXSFlexsteel Industries, Inc.1.71%$0.6817.01%
MTCHMatch Group, Inc.1.71%$0.5425.07%
LBRTLiberty Energy Inc.1.70%$0.3228.43%
OVBCOhio Valley Banc Corp.1.70%$0.6728.36%
WTFCWintrust Financial Corporation1.70%$2.4320.92%
BANFBancFirst Corporation1.69%$1.8025.72%
BDLFlanigan's Enterprises, Inc.1.69%$0.5021.50%
CDHAXCalvert International Responsible Idx A1.69%$0.6441.92%
CINRSisecam Resources LP1.69%$0.3419.21%
EXPOExponent, Inc.1.69%$1.1858.07%
GDGeneral Dynamics Corporation1.69%$5.8037.41%
HQIHireQuest, Inc.1.69%$0.1836.36%
OTFBlue Owl Technology Finance Corp.1.69%$0.249.20%
PHINPHINIA Inc.1.68%$1.0947.78%
PTRSPartners Bancorp1.68%$0.1213.62%
RNGRRanger Energy Services, Inc.1.67%$0.2434.90%
HQHAbrdn Healthcare Investors1.66%$0.316.95%
JILLJ.Jill, Inc.1.66%$0.2310.45%
PSH.ASPershing Square Holdings, Ltd.1.65%$0.856.48%
SKTTanger Inc.1.65%$0.5558.16%
USCBUSCB Financial Holdings, Inc.1.64%$0.3018.70%
BOTJBank of the James Financial Group, Inc.1.62%$0.3026.41%
RSReliance Steel & Aluminum Co.1.62%$4.7834.66%
SCIService Corporation International1.62%$1.2533.57%
SMLPSummit Midstream Partners, LP1.62%$0.596.02%
TKRThe Timken Company1.62%$1.4032.90%
TRINLTrinity Capital Inc. - 7.00% No1.62%$0.4120.50%
CARRCarrier Global Corporation1.61%$0.8618.56%