Definitive Analysis
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Definitive Analysis

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Sector

Definity Financial Corporation (DFY.TO)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$26.91 - $38.24$32.49
Multi-Stage$40.61 - $44.61$42.57
Blended Fair Value$37.53
Current Price$79.37
Upside-52.72%
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 Rate9.79%9.79%9.79%
Growth Rate-2.00%-1.00%0.00%
Fair Value$26.91$32.49$38.24
Upside / Downside-66.10%-59.07%-51.83%

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 Rate9.79%9.79%9.79%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)136.95138.35139.75
Year 2 PV (M)177.17180.80184.47
Year 3 PV (M)207.16213.57220.11
Year 4 PV (M)228.68238.16247.93
Year 5 PV (M)243.19255.85269.04
PV of Terminal Value (M)3,792.773,990.264,195.91
Equity Value (M)4,785.925,016.995,257.19
Shares Outstanding (M)117.85117.85117.85
Fair Value$40.61$42.57$44.61
Upside / Downside-48.83%-46.36%-43.80%

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