Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Bank of Hawaii Corporation (BOH)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$51.52 - $83.76$65.97
Multi-Stage$68.33 - $74.74$71.47
Blended Fair Value$68.72
Current Price$65.64
Upside4.70%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.26%3.49%2.822.802.822.782.702.652.472.182.041.97
YoY Growth--0.46%-0.68%1.74%2.98%1.85%7.09%13.13%7.28%3.56%-1.62%
Dividend Yield--4.09%4.60%5.42%3.31%3.01%4.79%3.08%2.63%2.47%2.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)184.13
(-) Cash Dividends Paid (M)107.57
(=) Cash Retained (M)76.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.8323.0213.81
Cash Retained (M)76.5676.5676.56
(-) Cash Required (M)-36.83-23.02-13.81
(=) Excess Retained (M)39.7353.5462.75
(/) Shares Outstanding (M)39.8639.8639.86
(=) Excess Retained per Share1.001.341.57
LTM Dividend per Share2.702.702.70
(+) Excess Retained per Share1.001.341.57
(=) Adjusted Dividend3.704.044.27
WACC / Discount Rate8.77%8.77%8.77%
Growth Rate1.49%2.49%3.49%
Fair Value$51.52$65.97$83.76
Upside / Downside-21.51%0.51%27.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)184.13188.72193.43198.26203.20208.27214.52
Payout Ratio58.42%64.74%71.05%77.37%83.68%90.00%92.50%
Projected Dividends (M)107.57122.17137.44153.39170.05187.45198.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.77%8.77%8.77%
Growth Rate1.49%2.49%3.49%
Year 1 PV (M)111.22112.32113.41
Year 2 PV (M)113.90116.16118.44
Year 3 PV (M)115.73119.18122.71
Year 4 PV (M)116.80121.47126.28
Year 5 PV (M)117.21123.10129.22
PV of Terminal Value (M)2,148.922,256.892,369.15
Equity Value (M)2,723.782,849.122,979.21
Shares Outstanding (M)39.8639.8639.86
Fair Value$68.33$71.47$74.74
Upside / Downside4.10%8.89%13.86%

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