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Bio-Techne Corporation (TECH)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$3.75 - $5.47$4.58
Multi-Stage$6.13 - $6.71$6.42
Blended Fair Value$5.50
Current Price$55.63
Upside-90.12%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.60%0.68%0.320.320.320.320.310.310.310.300.300.30
YoY Growth---0.06%0.27%0.20%1.13%1.47%1.11%0.82%1.37%-0.59%1.06%
Dividend Yield--0.57%0.40%0.47%0.45%0.26%0.50%0.63%0.60%0.99%1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)77.98
(-) Cash Dividends Paid (M)50.15
(=) Cash Retained (M)27.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.609.755.85
Cash Retained (M)27.8327.8327.83
(-) Cash Required (M)-15.60-9.75-5.85
(=) Excess Retained (M)12.2418.0821.98
(/) Shares Outstanding (M)157.71157.71157.71
(=) Excess Retained per Share0.080.110.14
LTM Dividend per Share0.320.320.32
(+) Excess Retained per Share0.080.110.14
(=) Adjusted Dividend0.400.430.46
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-1.32%-0.32%0.68%
Fair Value$3.75$4.58$5.47
Upside / Downside-93.27%-91.77%-90.17%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)77.9877.7377.4877.2276.9776.7379.03
Payout Ratio64.31%69.45%74.59%79.72%84.86%90.00%92.50%
Projected Dividends (M)50.1553.9857.7861.5765.3269.0573.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-1.32%-0.32%0.68%
Year 1 PV (M)48.9849.4849.97
Year 2 PV (M)47.5848.5549.53
Year 3 PV (M)46.0047.4148.85
Year 4 PV (M)44.2946.1147.99
Year 5 PV (M)42.4844.6846.97
PV of Terminal Value (M)737.48775.62815.31
Equity Value (M)966.811,011.841,058.62
Shares Outstanding (M)157.71157.71157.71
Fair Value$6.13$6.42$6.71
Upside / Downside-88.98%-88.47%-87.93%

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