Definitive Analysis
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Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Gentex Corporation (GNTX)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$16.43 - $25.61$20.66
Multi-Stage$23.69 - $25.99$24.82
Blended Fair Value$22.74
Current Price$28.30
Upside-19.64%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.03%2.34%0.490.500.500.510.520.520.520.480.450.43
YoY Growth---1.53%-0.83%-1.90%-1.62%0.75%-0.22%7.12%7.60%4.27%10.68%
Dividend Yield--2.10%1.38%1.79%1.75%1.46%2.33%2.45%2.10%2.10%2.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)379.55
(-) Cash Dividends Paid (M)107.88
(=) Cash Retained (M)271.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)75.9147.4428.47
Cash Retained (M)271.67271.67271.67
(-) Cash Required (M)-75.91-47.44-28.47
(=) Excess Retained (M)195.76224.23243.20
(/) Shares Outstanding (M)225.63225.63225.63
(=) Excess Retained per Share0.870.991.08
LTM Dividend per Share0.480.480.48
(+) Excess Retained per Share0.870.991.08
(=) Adjusted Dividend1.351.471.56
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate0.34%1.34%2.34%
Fair Value$16.43$20.66$25.61
Upside / Downside-41.94%-26.98%-9.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)379.55384.64389.79395.01400.31405.67417.84
Payout Ratio28.42%40.74%53.05%65.37%77.68%90.00%92.50%
Projected Dividends (M)107.88156.69206.80258.22310.98365.10386.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate0.34%1.34%2.34%
Year 1 PV (M)142.92144.34145.77
Year 2 PV (M)172.03175.48178.96
Year 3 PV (M)195.92201.83207.87
Year 4 PV (M)215.20223.91232.88
Year 5 PV (M)230.44242.16254.34
PV of Terminal Value (M)4,388.814,611.914,843.99
Equity Value (M)5,345.325,599.635,863.81
Shares Outstanding (M)225.63225.63225.63
Fair Value$23.69$24.82$25.99
Upside / Downside-16.29%-12.30%-8.17%

High-Yield Dividend Screener

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