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Zimmer Biomet Holdings, Inc. (ZBH)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$35.92 - $54.62$44.69
Multi-Stage$60.25 - $66.22$63.18
Blended Fair Value$53.93
Current Price$98.50
Upside-45.24%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.07%3.02%0.981.011.011.001.000.990.980.970.950.79
YoY Growth---2.44%-0.15%0.55%0.81%0.92%0.77%0.83%2.76%19.92%7.97%
Dividend Yield--0.87%0.78%0.78%0.79%0.64%1.01%0.79%0.92%0.80%0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)805.20
(-) Cash Dividends Paid (M)190.80
(=) Cash Retained (M)614.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)161.04100.6560.39
Cash Retained (M)614.40614.40614.40
(-) Cash Required (M)-161.04-100.65-60.39
(=) Excess Retained (M)453.36513.75554.01
(/) Shares Outstanding (M)199.18199.18199.18
(=) Excess Retained per Share2.282.582.78
LTM Dividend per Share0.960.960.96
(+) Excess Retained per Share2.282.582.78
(=) Adjusted Dividend3.233.543.74
WACC / Discount Rate7.94%7.94%7.94%
Growth Rate-0.97%0.03%1.03%
Fair Value$35.92$44.69$54.62
Upside / Downside-63.54%-54.63%-44.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)805.20805.42805.63805.85806.07806.29830.47
Payout Ratio23.70%36.96%50.22%63.48%76.74%90.00%92.50%
Projected Dividends (M)190.80297.66404.57511.54618.57725.66768.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.94%7.94%7.94%
Growth Rate-0.97%0.03%1.03%
Year 1 PV (M)272.99275.75278.51
Year 2 PV (M)340.31347.21354.19
Year 3 PV (M)394.64406.71419.03
Year 4 PV (M)437.67455.61474.11
Year 5 PV (M)470.89495.15520.41
PV of Terminal Value (M)10,083.0410,602.5411,143.22
Equity Value (M)11,999.5412,582.9813,189.47
Shares Outstanding (M)199.18199.18199.18
Fair Value$60.25$63.18$66.22
Upside / Downside-38.84%-35.86%-32.77%

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