Definitive Analysis
Definitive Analysis

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International Game Technology PLC (IGT)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$7.19 - $10.53$8.80
Multi-Stage$15.76 - $17.30$16.51
Blended Fair Value$12.66
Current Price$15.81
Upside-19.94%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.31%-0.98%0.790.790.790.200.200.810.810.800.791.03
YoY Growth--0.63%-0.62%292.68%0.28%-74.99%0.16%0.44%0.84%-23.10%18.01%
Dividend Yield--4.88%3.59%2.96%0.82%1.26%13.55%5.99%3.08%3.35%5.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)194.00
(-) Cash Dividends Paid (M)162.00
(=) Cash Retained (M)32.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.8024.2514.55
Cash Retained (M)32.0032.0032.00
(-) Cash Required (M)-38.80-24.25-14.55
(=) Excess Retained (M)-6.807.7517.45
(/) Shares Outstanding (M)202.75202.75202.75
(=) Excess Retained per Share-0.030.040.09
LTM Dividend per Share0.800.800.80
(+) Excess Retained per Share-0.030.040.09
(=) Adjusted Dividend0.770.840.89
WACC / Discount Rate7.35%7.35%7.35%
Growth Rate-2.98%-1.98%-0.98%
Fair Value$7.19$8.80$10.53
Upside / Downside-54.50%-44.33%-33.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)194.00190.16186.41182.72179.11175.57180.83
Payout Ratio83.51%84.80%86.10%87.40%88.70%90.00%92.50%
Projected Dividends (M)162.00161.27160.50159.70158.87158.01167.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.35%7.35%7.35%
Growth Rate-2.98%-1.98%-0.98%
Year 1 PV (M)148.70150.23151.76
Year 2 PV (M)136.45139.28142.14
Year 3 PV (M)125.19129.10133.09
Year 4 PV (M)114.83119.64124.60
Year 5 PV (M)105.31110.85116.62
PV of Terminal Value (M)2,563.972,698.852,839.36
Equity Value (M)3,194.453,347.953,507.56
Shares Outstanding (M)202.75202.75202.75
Fair Value$15.76$16.51$17.30
Upside / Downside-0.34%4.44%9.42%

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