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Definitive Analysis

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Royal Bank of Canada (RY)

Company Dividend Discount ModelIndustry: Banks - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$764.80 - $2,867.39$2,272.99
Multi-Stage$360.51 - $394.27$377.08
Blended Fair Value$1,325.04
Current Price$205.12
Upside545.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.80%6.79%6.234.703.934.934.554.484.273.993.763.54
YoY Growth--32.59%19.61%-20.27%8.41%1.37%5.11%6.83%6.23%6.24%9.49%
Dividend Yield--3.04%2.65%3.00%3.62%3.14%4.30%4.08%3.99%3.56%3.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)20,362.00
(-) Cash Dividends Paid (M)8,800.00
(=) Cash Retained (M)11,562.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,072.402,545.251,527.15
Cash Retained (M)11,562.0011,562.0011,562.00
(-) Cash Required (M)-4,072.40-2,545.25-1,527.15
(=) Excess Retained (M)7,489.609,016.7510,034.85
(/) Shares Outstanding (M)1,412.261,412.261,412.26
(=) Excess Retained per Share5.306.387.11
LTM Dividend per Share6.236.236.23
(+) Excess Retained per Share5.306.387.11
(=) Adjusted Dividend11.5312.6213.34
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate5.50%6.50%7.50%
Fair Value$764.80$2,272.99$2,867.39
Upside / Downside272.86%1,008.13%1,297.91%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20,362.0021,685.5323,095.0924,596.2726,195.0327,897.7028,734.64
Payout Ratio43.22%52.57%61.93%71.29%80.64%90.00%92.50%
Projected Dividends (M)8,800.0011,401.0014,302.9417,533.9721,124.6025,107.9326,579.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)10,546.1110,646.0710,746.03
Year 2 PV (M)12,238.3912,471.4912,706.80
Year 3 PV (M)13,878.0514,276.4414,682.38
Year 4 PV (M)15,466.2916,061.0816,672.87
Year 5 PV (M)17,004.2817,825.5918,678.34
PV of Terminal Value (M)440,001.11461,253.32483,318.92
Equity Value (M)509,134.23532,534.01556,805.34
Shares Outstanding (M)1,412.261,412.261,412.26
Fair Value$360.51$377.08$394.27
Upside / Downside75.76%83.83%92.21%

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