Definitive Analysis
Definitive Analysis

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SouthState Corporation (SSB)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$165.37 - $422.28$249.88
Multi-Stage$115.32 - $125.94$120.53
Blended Fair Value$185.21
Current Price$98.87
Upside87.32%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS23.07%23.47%1.701.631.541.421.030.600.530.400.310.25
YoY Growth--4.30%6.49%8.37%37.74%70.30%14.12%30.90%31.89%23.51%19.84%
Dividend Yield--1.84%1.96%2.15%1.74%1.31%1.03%0.75%0.47%0.34%0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)695.12
(-) Cash Dividends Paid (M)212.53
(=) Cash Retained (M)482.59
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)139.0286.8952.13
Cash Retained (M)482.59482.59482.59
(-) Cash Required (M)-139.02-86.89-52.13
(=) Excess Retained (M)343.56395.70430.45
(/) Shares Outstanding (M)95.5495.5495.54
(=) Excess Retained per Share3.604.144.51
LTM Dividend per Share2.222.222.22
(+) Excess Retained per Share3.604.144.51
(=) Adjusted Dividend5.826.376.73
WACC / Discount Rate9.21%9.21%9.21%
Growth Rate5.50%6.50%7.50%
Fair Value$165.37$249.88$422.28
Upside / Downside67.26%152.74%327.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)695.12740.31788.43839.67894.25952.38980.95
Payout Ratio30.58%42.46%54.35%66.23%78.12%90.00%92.50%
Projected Dividends (M)212.53314.33428.47556.12698.55857.14907.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.21%9.21%9.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)285.11287.82290.52
Year 2 PV (M)352.51359.23366.01
Year 3 PV (M)415.00426.91439.05
Year 4 PV (M)472.83491.01509.72
Year 5 PV (M)526.25551.67578.06
PV of Terminal Value (M)8,966.229,399.299,848.94
Equity Value (M)11,017.9211,515.9312,032.29
Shares Outstanding (M)95.5495.5495.54
Fair Value$115.32$120.53$125.94
Upside / Downside16.64%21.91%27.38%

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