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Principal Financial Group, Inc. (PFG)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$61.84 - $93.84$76.88
Multi-Stage$87.77 - $96.12$91.87
Blended Fair Value$84.37
Current Price$82.91
Upside1.76%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.67%5.75%2.902.752.832.882.702.672.632.382.051.94
YoY Growth--5.26%-2.62%-1.80%6.44%1.40%1.24%10.85%16.15%5.42%17.10%
Dividend Yield--3.43%3.20%3.80%3.92%4.51%8.51%5.07%3.90%3.24%4.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,573.50
(-) Cash Dividends Paid (M)677.30
(=) Cash Retained (M)896.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)314.70196.69118.01
Cash Retained (M)896.20896.20896.20
(-) Cash Required (M)-314.70-196.69-118.01
(=) Excess Retained (M)581.50699.51778.19
(/) Shares Outstanding (M)227.29227.29227.29
(=) Excess Retained per Share2.563.083.42
LTM Dividend per Share2.982.982.98
(+) Excess Retained per Share2.563.083.42
(=) Adjusted Dividend5.546.066.40
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate0.25%1.25%2.25%
Fair Value$61.84$76.88$93.84
Upside / Downside-25.41%-7.28%13.18%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,573.501,593.131,613.011,633.131,653.511,674.131,724.36
Payout Ratio43.04%52.44%61.83%71.22%80.61%90.00%92.50%
Projected Dividends (M)677.30835.36997.271,163.081,332.871,506.721,595.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate0.25%1.25%2.25%
Year 1 PV (M)757.25764.81772.36
Year 2 PV (M)819.49835.92852.52
Year 3 PV (M)866.38892.57919.28
Year 4 PV (M)900.02936.48974.03
Year 5 PV (M)922.29969.211,018.03
PV of Terminal Value (M)15,683.8416,481.8617,312.03
Equity Value (M)19,949.2720,880.8421,848.24
Shares Outstanding (M)227.29227.29227.29
Fair Value$87.77$91.87$96.12
Upside / Downside5.86%10.80%15.94%

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