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Brown & Brown, Inc. (BRO)

Company Dividend Discount ModelIndustry: Insurance - BrokersSector: Financial Services

Valuation Snapshot

Stable Growth$106.34 - $507.09$188.30
Multi-Stage$64.01 - $70.01$66.96
Blended Fair Value$127.63
Current Price$93.79
Upside36.08%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.01%10.01%0.520.450.400.360.340.310.280.260.240.21
YoY Growth--14.07%12.50%11.94%6.56%10.13%7.86%8.98%10.60%9.60%8.05%
Dividend Yield--0.41%0.52%0.70%0.50%0.74%0.84%0.95%1.02%1.13%1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)999.00
(-) Cash Dividends Paid (M)180.00
(=) Cash Retained (M)819.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)199.80124.8874.93
Cash Retained (M)819.00819.00819.00
(-) Cash Required (M)-199.80-124.88-74.93
(=) Excess Retained (M)619.20694.13744.08
(/) Shares Outstanding (M)298.50298.50298.50
(=) Excess Retained per Share2.072.332.49
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share2.072.332.49
(=) Adjusted Dividend2.682.933.10
WACC / Discount Rate8.16%8.16%8.16%
Growth Rate5.50%6.50%7.50%
Fair Value$106.34$188.30$507.09
Upside / Downside13.38%100.77%440.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)999.001,063.941,133.091,206.741,285.181,368.721,409.78
Payout Ratio18.02%32.41%46.81%61.21%75.60%90.00%92.50%
Projected Dividends (M)180.00344.87530.41738.61971.641,231.841,304.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.16%8.16%8.16%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)315.87318.86321.86
Year 2 PV (M)444.95453.43461.98
Year 3 PV (M)567.51583.80600.40
Year 4 PV (M)683.77710.07737.11
Year 5 PV (M)793.98832.33872.15
PV of Terminal Value (M)16,300.9317,088.2717,905.75
Equity Value (M)19,107.0119,986.7620,899.25
Shares Outstanding (M)298.50298.50298.50
Fair Value$64.01$66.96$70.01
Upside / Downside-31.75%-28.61%-25.35%

High-Yield Dividend Screener

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