Definitive Analysis
Definitive Analysis

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Sector

Primoris Services Corporation (PRIM)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$98.82 - $216.63$141.94
Multi-Stage$70.18 - $76.72$73.39
Blended Fair Value$107.66
Current Price$137.33
Upside-21.60%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.05%5.57%0.240.230.230.230.210.220.230.210.210.18
YoY Growth--0.66%0.04%1.70%8.38%-5.05%-1.07%8.98%-0.51%16.06%31.08%
Dividend Yield--0.41%0.55%0.95%0.96%0.64%1.40%1.05%0.83%0.90%0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)277.14
(-) Cash Dividends Paid (M)16.17
(=) Cash Retained (M)260.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)55.4334.6420.79
Cash Retained (M)260.97260.97260.97
(-) Cash Required (M)-55.43-34.64-20.79
(=) Excess Retained (M)205.54226.33240.19
(/) Shares Outstanding (M)54.7454.7454.74
(=) Excess Retained per Share3.754.134.39
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share3.754.134.39
(=) Adjusted Dividend4.054.434.68
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate5.50%6.50%7.50%
Fair Value$98.82$141.94$216.63
Upside / Downside-28.04%3.35%57.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)277.14295.16314.34334.77356.53379.71391.10
Payout Ratio5.83%22.67%39.50%56.33%73.17%90.00%92.50%
Projected Dividends (M)16.1766.90124.17188.59260.86341.74361.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)60.3560.9261.49
Year 2 PV (M)101.02102.95104.89
Year 3 PV (M)138.40142.37146.42
Year 4 PV (M)172.68179.32186.15
Year 5 PV (M)204.04213.90224.13
PV of Terminal Value (M)3,165.463,318.353,477.09
Equity Value (M)3,841.954,017.814,200.18
Shares Outstanding (M)54.7454.7454.74
Fair Value$70.18$73.39$76.72
Upside / Downside-48.90%-46.56%-44.13%

High-Yield Dividend Screener

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