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Artisan Mid Cap Fund Inv Shs (ARTMX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$22.12 - $35.09$28.03
Multi-Stage$30.70 - $33.50$32.08
Blended Fair Value$30.06
Current Price$38.23
Upside-21.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%28.77%1.862.522.782.061.910.001.331.171.261.01
YoY Growth---26.27%-9.48%35.32%7.90%0.00%-100.00%13.58%-6.97%24.15%582.61%
Dividend Yield--4.86%7.99%7.40%4.39%6.13%0.00%3.43%2.98%3.33%2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)209.68
(-) Cash Dividends Paid (M)192.43
(=) Cash Retained (M)17.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.9426.2115.73
Cash Retained (M)17.2617.2617.26
(-) Cash Required (M)-41.94-26.21-15.73
(=) Excess Retained (M)-24.68-8.951.53
(/) Shares Outstanding (M)98.6398.6398.63
(=) Excess Retained per Share-0.25-0.090.02
LTM Dividend per Share1.951.951.95
(+) Excess Retained per Share-0.25-0.090.02
(=) Adjusted Dividend1.701.861.97
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate1.31%2.31%3.31%
Fair Value$22.12$28.03$35.09
Upside / Downside-42.14%-26.67%-8.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)209.68214.52219.48224.55229.73235.04242.09
Payout Ratio91.77%91.42%91.06%90.71%90.35%90.00%92.50%
Projected Dividends (M)192.43196.11199.86203.68207.57211.53223.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate1.31%2.31%3.31%
Year 1 PV (M)178.00179.76181.51
Year 2 PV (M)164.65167.92171.22
Year 3 PV (M)152.30156.86161.50
Year 4 PV (M)140.88146.52152.33
Year 5 PV (M)130.31136.87143.69
PV of Terminal Value (M)2,262.122,375.992,494.40
Equity Value (M)3,028.263,163.913,304.65
Shares Outstanding (M)98.6398.6398.63
Fair Value$30.70$32.08$33.50
Upside / Downside-19.69%-16.09%-12.36%

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