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IGM Financial Inc. (IGM.TO)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$49.68 - $82.00$64.02
Multi-Stage$84.65 - $92.91$88.70
Blended Fair Value$76.36
Current Price$43.02
Upside77.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.19%-0.15%2.252.252.262.262.262.272.282.282.292.36
YoY Growth---0.26%-0.33%0.03%0.16%-0.53%-0.50%0.09%-0.58%-2.80%3.30%
Dividend Yield--5.07%6.50%5.59%5.11%5.89%9.71%6.56%6.10%5.77%6.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,033.34
(-) Cash Dividends Paid (M)532.92
(=) Cash Retained (M)500.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)206.67129.1777.50
Cash Retained (M)500.41500.41500.41
(-) Cash Required (M)-206.67-129.17-77.50
(=) Excess Retained (M)293.74371.25422.91
(/) Shares Outstanding (M)237.76237.76237.76
(=) Excess Retained per Share1.241.561.78
LTM Dividend per Share2.242.242.24
(+) Excess Retained per Share1.241.561.78
(=) Adjusted Dividend3.483.804.02
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate0.12%1.12%2.12%
Fair Value$49.68$64.02$82.00
Upside / Downside15.49%48.82%90.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,033.341,044.921,056.631,068.471,080.441,092.551,125.33
Payout Ratio51.57%59.26%66.94%74.63%82.31%90.00%92.50%
Projected Dividends (M)532.92619.20707.35797.39889.36983.301,040.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate0.12%1.12%2.12%
Year 1 PV (M)572.29578.01583.72
Year 2 PV (M)604.23616.36628.61
Year 3 PV (M)629.54648.59668.02
Year 4 PV (M)648.95675.27702.38
Year 5 PV (M)663.14696.92732.07
PV of Terminal Value (M)17,008.7417,875.2918,776.80
Equity Value (M)20,126.8921,090.4422,091.61
Shares Outstanding (M)237.76237.76237.76
Fair Value$84.65$88.70$92.91
Upside / Downside96.77%106.19%115.98%

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