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Brown & Brown, Inc. (BRO)

Company Dividend Discount ModelIndustry: Insurance - BrokersSector: Financial Services

Valuation Snapshot

Stable Growth$106.45 - $509.20$188.61
Multi-Stage$64.05 - $70.05$67.00
Blended Fair Value$127.80
Current Price$93.79
Upside36.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.01%10.01%0.520.450.400.360.340.310.280.260.240.21
YoY Growth--14.07%12.50%11.94%6.56%10.13%7.86%8.98%10.60%9.60%8.05%
Dividend Yield--0.41%0.52%0.70%0.50%0.74%0.84%0.95%1.02%1.13%1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)999.00
(-) Cash Dividends Paid (M)180.00
(=) Cash Retained (M)819.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)199.80124.8874.93
Cash Retained (M)819.00819.00819.00
(-) Cash Required (M)-199.80-124.88-74.93
(=) Excess Retained (M)619.20694.13744.08
(/) Shares Outstanding (M)298.50298.50298.50
(=) Excess Retained per Share2.072.332.49
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share2.072.332.49
(=) Adjusted Dividend2.682.933.10
WACC / Discount Rate8.15%8.15%8.15%
Growth Rate5.50%6.50%7.50%
Fair Value$106.45$188.61$509.20
Upside / Downside13.50%101.10%442.91%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)999.001,063.941,133.091,206.741,285.181,368.721,409.78
Payout Ratio18.02%32.41%46.81%61.21%75.60%90.00%92.50%
Projected Dividends (M)180.00344.87530.41738.61971.641,231.841,304.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.15%8.15%8.15%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)315.88318.87321.86
Year 2 PV (M)444.97453.45462.01
Year 3 PV (M)567.55583.84600.44
Year 4 PV (M)683.84710.14737.19
Year 5 PV (M)794.08832.44872.26
PV of Terminal Value (M)16,311.5717,099.4217,917.43
Equity Value (M)19,117.8919,998.1620,911.19
Shares Outstanding (M)298.50298.50298.50
Fair Value$64.05$67.00$70.05
Upside / Downside-31.71%-28.57%-25.31%

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