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AptarGroup, Inc. (ATR)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$81.23 - $140.34$106.65
Multi-Stage$88.85 - $97.24$92.97
Blended Fair Value$99.81
Current Price$133.66
Upside-25.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.80%4.84%1.691.541.481.461.371.341.221.191.141.06
YoY Growth--10.00%4.24%0.97%6.31%2.72%9.55%3.00%4.29%7.60%0.25%
Dividend Yield--1.14%1.08%1.25%1.24%0.97%1.34%1.13%1.32%1.48%1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)419.25
(-) Cash Dividends Paid (M)119.23
(=) Cash Retained (M)300.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)83.8552.4131.44
Cash Retained (M)300.01300.01300.01
(-) Cash Required (M)-83.85-52.41-31.44
(=) Excess Retained (M)216.16247.61268.57
(/) Shares Outstanding (M)67.4367.4367.43
(=) Excess Retained per Share3.213.673.98
LTM Dividend per Share1.771.771.77
(+) Excess Retained per Share3.213.673.98
(=) Adjusted Dividend4.975.445.75
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate2.80%3.80%4.80%
Fair Value$81.23$106.65$140.34
Upside / Downside-39.23%-20.21%5.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)419.25435.19451.74468.92486.75505.27520.42
Payout Ratio28.44%40.75%53.06%65.38%77.69%90.00%92.50%
Projected Dividends (M)119.23177.35239.71306.56378.15454.74481.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate2.80%3.80%4.80%
Year 1 PV (M)160.99162.56164.13
Year 2 PV (M)197.54201.40205.30
Year 3 PV (M)229.33236.08242.97
Year 4 PV (M)256.79266.93277.37
Year 5 PV (M)280.32294.22308.67
PV of Terminal Value (M)4,866.395,107.735,358.54
Equity Value (M)5,991.376,268.936,556.98
Shares Outstanding (M)67.4367.4367.43
Fair Value$88.85$92.97$97.24
Upside / Downside-33.52%-30.44%-27.25%

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