Definitive Analysis
Definitive Analysis

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Main Street Capital Corporation (0JXQ.L)

Company Dividend Discount ModelIndustry: Financial - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$229.89 - $1,200.30$462.59
Multi-Stage$131.10 - $143.22$137.05
Blended Fair Value$299.82
Current Price$63.59
Upside371.49%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.30%12.82%3.603.062.181.811.631.851.761.671.431.24
YoY Growth--17.98%39.87%20.95%11.13%-12.06%5.27%5.14%16.39%15.22%15.36%
Dividend Yield--6.37%6.51%5.54%4.24%4.15%9.01%4.67%4.52%3.75%3.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)536.52
(-) Cash Dividends Paid (M)282.36
(=) Cash Retained (M)254.16
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)107.3067.0740.24
Cash Retained (M)254.16254.16254.16
(-) Cash Required (M)-107.30-67.07-40.24
(=) Excess Retained (M)146.86187.10213.92
(/) Shares Outstanding (M)88.8988.8988.89
(=) Excess Retained per Share1.652.102.41
LTM Dividend per Share3.183.183.18
(+) Excess Retained per Share1.652.102.41
(=) Adjusted Dividend4.835.285.58
WACC / Discount Rate7.72%7.72%7.72%
Growth Rate5.50%6.50%7.50%
Fair Value$229.89$462.59$1,200.30
Upside / Downside261.52%627.46%1,787.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)536.52571.39608.53648.09690.21735.08757.13
Payout Ratio52.63%60.10%67.58%75.05%82.53%90.00%92.50%
Projected Dividends (M)282.36343.42411.23486.40569.60661.57700.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.72%7.72%7.72%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)315.83318.82321.81
Year 2 PV (M)347.80354.42361.11
Year 3 PV (M)378.32389.18400.25
Year 4 PV (M)407.44423.11439.23
Year 5 PV (M)435.20456.22478.05
PV of Terminal Value (M)9,769.5010,241.3710,731.30
Equity Value (M)11,654.0912,183.1312,731.75
Shares Outstanding (M)88.8988.8988.89
Fair Value$131.10$137.05$143.22
Upside / Downside106.17%115.52%125.23%

High-Yield Dividend Screener

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