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Definitive Analysis

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UL Solutions Inc. (ULS)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$25.70 - $48.49$34.94
Multi-Stage$30.86 - $33.82$32.31
Blended Fair Value$33.62
Current Price$70.86
Upside-52.55%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS70.21%0.00%0.493.357.890.990.040.030.000.000.000.00
YoY Growth---85.29%-57.50%700.00%2,122.22%28.57%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.87%9.60%22.59%2.82%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)339.00
(-) Cash Dividends Paid (M)103.00
(=) Cash Retained (M)236.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)67.8042.3825.43
Cash Retained (M)236.00236.00236.00
(-) Cash Required (M)-67.80-42.38-25.43
(=) Excess Retained (M)168.20193.63210.58
(/) Shares Outstanding (M)202.75202.75202.75
(=) Excess Retained per Share0.830.951.04
LTM Dividend per Share0.510.510.51
(+) Excess Retained per Share0.830.951.04
(=) Adjusted Dividend1.341.461.55
WACC / Discount Rate7.72%7.72%7.72%
Growth Rate2.39%3.39%4.39%
Fair Value$25.70$34.94$48.49
Upside / Downside-63.73%-50.69%-31.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)339.00350.50362.39374.68387.39400.52412.54
Payout Ratio30.38%42.31%54.23%66.15%78.08%90.00%92.50%
Projected Dividends (M)103.00148.28196.52247.86302.46360.47381.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.72%7.72%7.72%
Growth Rate2.39%3.39%4.39%
Year 1 PV (M)136.32137.66138.99
Year 2 PV (M)166.10169.36172.65
Year 3 PV (M)192.59198.29204.10
Year 4 PV (M)216.06224.63233.44
Year 5 PV (M)236.73248.52260.78
PV of Terminal Value (M)5,308.235,572.565,847.31
Equity Value (M)6,256.046,551.016,857.27
Shares Outstanding (M)202.75202.75202.75
Fair Value$30.86$32.31$33.82
Upside / Downside-56.46%-54.40%-52.27%

High-Yield Dividend Screener

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