Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Maximus, Inc. (MMS)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$182.71 - $995.86$331.76
Multi-Stage$108.38 - $118.54$113.37
Blended Fair Value$222.56
Current Price$91.37
Upside143.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-0.42%19.14%1.191.261.181.191.191.211.110.200.200.20
YoY Growth---5.75%7.09%-0.94%-0.18%-1.88%9.81%446.42%0.15%-0.23%-1.89%
Dividend Yield--1.30%1.69%1.41%1.62%1.50%1.66%1.49%0.31%0.28%0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)319.03
(-) Cash Dividends Paid (M)68.71
(=) Cash Retained (M)250.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)63.8139.8823.93
Cash Retained (M)250.32250.32250.32
(-) Cash Required (M)-63.81-39.88-23.93
(=) Excess Retained (M)186.52210.44226.40
(/) Shares Outstanding (M)57.7657.7657.76
(=) Excess Retained per Share3.233.643.92
LTM Dividend per Share1.191.191.19
(+) Excess Retained per Share3.233.643.92
(=) Adjusted Dividend4.424.835.11
WACC / Discount Rate8.05%8.05%8.05%
Growth Rate5.50%6.50%7.50%
Fair Value$182.71$331.76$995.86
Upside / Downside99.97%263.09%989.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)319.03339.77361.86385.38410.43437.10450.22
Payout Ratio21.54%35.23%48.92%62.61%76.31%90.00%92.50%
Projected Dividends (M)68.71119.70177.03241.30313.19393.39416.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.05%8.05%8.05%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)109.74110.78111.82
Year 2 PV (M)148.79151.63154.49
Year 3 PV (M)185.94191.28196.72
Year 4 PV (M)221.25229.76238.51
Year 5 PV (M)254.79267.10279.88
PV of Terminal Value (M)5,339.485,597.385,865.15
Equity Value (M)6,260.006,547.936,846.57
Shares Outstanding (M)57.7657.7657.76
Fair Value$108.38$113.37$118.54
Upside / Downside18.62%24.08%29.74%

High-Yield Dividend Screener

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