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Corning Incorporated (0R2X.L)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$18.20 - $29.97$23.43
Multi-Stage$26.55 - $29.06$27.78
Blended Fair Value$25.60
Current Price$82.03
Upside-68.79%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.85%5.25%1.141.151.081.010.910.860.800.760.750.79
YoY Growth---0.30%6.12%7.00%10.67%6.06%8.32%5.22%0.93%-5.01%14.89%
Dividend Yield--2.50%3.51%3.07%2.74%2.10%4.19%2.34%2.71%2.77%3.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,366.00
(-) Cash Dividends Paid (M)993.00
(=) Cash Retained (M)373.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)273.20170.75102.45
Cash Retained (M)373.00373.00373.00
(-) Cash Required (M)-273.20-170.75-102.45
(=) Excess Retained (M)99.80202.25270.55
(/) Shares Outstanding (M)861.50861.50861.50
(=) Excess Retained per Share0.120.230.31
LTM Dividend per Share1.151.151.15
(+) Excess Retained per Share0.120.230.31
(=) Adjusted Dividend1.271.391.47
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate1.05%2.05%3.05%
Fair Value$18.20$23.43$29.97
Upside / Downside-77.82%-71.44%-63.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,366.001,393.991,422.541,451.691,481.431,511.781,557.13
Payout Ratio72.69%76.16%79.62%83.08%86.54%90.00%92.50%
Projected Dividends (M)993.001,061.591,132.581,206.031,282.011,360.601,440.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate1.05%2.05%3.05%
Year 1 PV (M)972.49982.11991.74
Year 2 PV (M)950.44969.34988.43
Year 3 PV (M)927.13954.93983.28
Year 4 PV (M)902.82939.10976.45
Year 5 PV (M)877.75922.05968.12
PV of Terminal Value (M)18,246.4519,167.3520,125.06
Equity Value (M)22,877.0823,934.8825,033.08
Shares Outstanding (M)861.50861.50861.50
Fair Value$26.55$27.78$29.06
Upside / Downside-67.63%-66.13%-64.58%

High-Yield Dividend Screener

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