Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Terex Corporation (TEX)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$37.59 - $71.52$51.26
Multi-Stage$29.09 - $31.73$30.39
Blended Fair Value$40.83
Current Price$51.30
Upside-20.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.94%7.75%0.690.650.530.500.130.470.450.440.450.39
YoY Growth--6.48%21.35%6.27%298.81%-73.25%4.67%1.69%-1.67%16.28%18.35%
Dividend Yield--1.83%1.03%1.10%1.41%0.27%3.28%1.37%1.18%1.43%1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)156.00
(-) Cash Dividends Paid (M)46.00
(=) Cash Retained (M)110.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)31.2019.5011.70
Cash Retained (M)110.00110.00110.00
(-) Cash Required (M)-31.20-19.50-11.70
(=) Excess Retained (M)78.8090.5098.30
(/) Shares Outstanding (M)66.7066.7066.70
(=) Excess Retained per Share1.181.361.47
LTM Dividend per Share0.690.690.69
(+) Excess Retained per Share1.181.361.47
(=) Adjusted Dividend1.872.052.16
WACC / Discount Rate10.75%10.75%10.75%
Growth Rate5.50%6.50%7.50%
Fair Value$37.59$51.26$71.52
Upside / Downside-26.73%-0.07%39.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)156.00166.14176.94188.44200.69213.73220.15
Payout Ratio29.49%41.59%53.69%65.79%77.90%90.00%92.50%
Projected Dividends (M)46.0069.1095.00123.98156.33192.36203.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.75%10.75%10.75%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)61.8062.3962.98
Year 2 PV (M)76.0077.4578.91
Year 3 PV (M)88.7291.2793.86
Year 4 PV (M)100.06103.91107.87
Year 5 PV (M)110.12115.44120.96
PV of Terminal Value (M)1,503.921,576.561,651.98
Equity Value (M)1,940.632,027.022,116.56
Shares Outstanding (M)66.7066.7066.70
Fair Value$29.09$30.39$31.73
Upside / Downside-43.28%-40.76%-38.14%

High-Yield Dividend Screener

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