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$31.71 - $46.76$38.93
Multi-Stage$56.29 - $61.94$59.06
Blended Fair Value$48.99
Current Price$79.37
Upside-38.27%
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 Rate8.00%8.00%8.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$31.71$38.93$46.76
Upside / Downside-60.05%-50.95%-41.08%

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 Rate8.00%8.00%8.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)139.21140.63142.06
Year 2 PV (M)183.07186.82190.62
Year 3 PV (M)217.61224.34231.20
Year 4 PV (M)244.18254.30264.73
Year 5 PV (M)263.96277.70292.01
PV of Terminal Value (M)5,585.405,876.256,179.08
Equity Value (M)6,633.426,960.047,299.70
Shares Outstanding (M)117.85117.85117.85
Fair Value$56.29$59.06$61.94
Upside / Downside-29.08%-25.59%-21.96%

High-Yield Dividend Screener

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