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Quest Diagnostics Incorporated (DGX)

Company Dividend Discount ModelIndustry: Medical - Diagnostics & ResearchSector: Healthcare

Valuation Snapshot

Stable Growth$129.15 - $241.89$175.08
Multi-Stage$181.46 - $199.11$190.12
Blended Fair Value$182.60
Current Price$190.58
Upside-4.19%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.97%5.88%2.932.782.702.732.632.532.352.191.971.88
YoY Growth--5.41%2.95%-1.29%4.04%3.85%7.52%7.69%10.76%5.19%13.37%
Dividend Yield--1.73%2.06%1.91%2.00%2.05%3.15%2.61%2.18%2.01%2.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)969.00
(-) Cash Dividends Paid (M)347.00
(=) Cash Retained (M)622.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)193.80121.1372.68
Cash Retained (M)622.00622.00622.00
(-) Cash Required (M)-193.80-121.13-72.68
(=) Excess Retained (M)428.20500.88549.33
(/) Shares Outstanding (M)113.00113.00113.00
(=) Excess Retained per Share3.794.434.86
LTM Dividend per Share3.073.073.07
(+) Excess Retained per Share3.794.434.86
(=) Adjusted Dividend6.867.507.93
WACC / Discount Rate7.02%7.02%7.02%
Growth Rate1.63%2.63%3.63%
Fair Value$129.15$175.08$241.89
Upside / Downside-32.23%-8.13%26.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)969.00994.451,020.571,047.371,074.881,103.111,136.20
Payout Ratio35.81%46.65%57.49%68.32%79.16%90.00%92.50%
Projected Dividends (M)347.00463.89586.68715.61850.89992.801,050.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.02%7.02%7.02%
Growth Rate1.63%2.63%3.63%
Year 1 PV (M)429.22433.44437.67
Year 2 PV (M)502.26512.20522.23
Year 3 PV (M)566.85583.75600.98
Year 4 PV (M)623.64648.55674.20
Year 5 PV (M)673.26707.04742.17
PV of Terminal Value (M)17,709.5818,598.2119,522.15
Equity Value (M)20,504.8221,483.1922,499.39
Shares Outstanding (M)113.00113.00113.00
Fair Value$181.46$190.12$199.11
Upside / Downside-4.79%-0.24%4.48%

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