Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Cullen/Frost Bankers, Inc. (CFR)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$207.62 - $487.53$305.30
Multi-Stage$159.48 - $174.15$166.68
Blended Fair Value$235.99
Current Price$126.77
Upside86.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.49%6.66%3.773.623.262.942.812.752.572.242.102.06
YoY Growth--4.36%10.75%11.12%4.54%2.02%6.99%14.76%6.87%2.07%3.92%
Dividend Yield--3.01%3.23%3.10%2.12%2.58%4.94%2.58%2.12%2.36%3.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)637.16
(-) Cash Dividends Paid (M)252.80
(=) Cash Retained (M)384.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)127.4379.6447.79
Cash Retained (M)384.36384.36384.36
(-) Cash Required (M)-127.43-79.64-47.79
(=) Excess Retained (M)256.93304.72336.57
(/) Shares Outstanding (M)64.2664.2664.26
(=) Excess Retained per Share4.004.745.24
LTM Dividend per Share3.933.933.93
(+) Excess Retained per Share4.004.745.24
(=) Adjusted Dividend7.938.689.17
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.07%6.07%7.07%
Fair Value$207.62$305.30$487.53
Upside / Downside63.78%140.83%284.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)637.16675.81716.80760.28806.39855.31880.97
Payout Ratio39.68%49.74%59.81%69.87%79.94%90.00%92.50%
Projected Dividends (M)252.80336.15428.68531.21644.59769.78814.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.07%6.07%7.07%
Year 1 PV (M)305.26308.17311.07
Year 2 PV (M)353.52360.29367.11
Year 3 PV (M)397.82409.29420.97
Year 4 PV (M)438.38455.31472.72
Year 5 PV (M)475.41498.47522.42
PV of Terminal Value (M)8,277.548,679.049,095.96
Equity Value (M)10,247.9410,710.5511,190.25
Shares Outstanding (M)64.2664.2664.26
Fair Value$159.48$166.68$174.15
Upside / Downside25.81%31.49%37.37%

High-Yield Dividend Screener

« Prev Page 5 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
U11.SIUnited Overseas Bank Limited11.62%$4.1058.46%
9543.SRSaudi Networkers Services Company11.60%$8.7072.96%
0688.HKChina Overseas Land & Investment Limited11.57%$1.4538.43%
0QKP.LPhoenix Mecano AG11.55%$51.5065.02%
601668.SSChina State Construction Engineering Corporation Limited11.55%$0.5954.79%
5983.KLMBM Resources Bhd11.49%$0.6069.77%
601800.SSChina Communications Construction Company Limited11.48%$0.9576.83%
0440.HKDah Sing Financial Holdings Limited11.45%$4.0834.85%
H02.SIHaw Par Corporation Limited11.39%$1.8082.18%
EDV.AXEndeavour Group Limited11.35%$0.4279.74%
102260.KSDongsung Chemical Co., Ltd.11.33%$470.0161.08%
092230.KSKPX Holdings Co.,Ltd.11.32%$8,125.9434.75%
9909.HKPowerlong Commercial Management Holdings Limited11.28%$0.2829.74%
SVR.AXSolvar Limited11.25%$0.2083.01%
HOLCO.ASHolland Colours N.V.11.23%$9.8877.82%
RBN-UN.TOBlue Ribbon Income Fund11.23%$0.9343.10%
0066.HKMTR Corporation Limited11.22%$3.3977.76%
3360.HKFar East Horizon Limited11.17%$0.8944.98%
0934.HKSinopec Kantons Holdings Limited11.16%$0.4758.03%
317400.KSXi S&D Inc.11.16%$481.1664.89%
0146.HKTai Ping Carpets International Limited11.12%$0.2151.92%
096760.KSJW Holdings Corporation11.12%$390.8363.07%
3868.HKXinyi Energy Holdings Limited11.12%$0.1360.32%
BMW3.DEBayerische Motoren Werke AG11.11%$10.5291.60%
1109.HKChina Resources Land Limited11.09%$3.0736.44%
2380.HKChina Power International Development Limited11.08%$0.3656.67%
3900.HKGreentown China Holdings Limited11.07%$0.9398.98%
600016.SSChina Minsheng Banking Corp., Ltd.11.06%$0.4261.11%
BFG.AXBell Financial Group Limited11.06%$0.1590.20%
1571.HKXin Point Holdings Limited11.03%$0.4241.05%
601577.SSBank of Changsha Co., Ltd.11.03%$1.0752.50%
IMMOU.BRImmo Moury SCA11.02%$3.5993.20%
2555.HKSichuan Baicha Baidao Industrial Co., Ltd.11.00%$0.7076.19%
POMO3.SAMarcopolo S.A.10.98%$0.6158.30%
IEL.AXIDP Education Limited10.96%$0.6398.92%
1579.HKYihai International Holding Ltd.10.95%$1.4288.97%
SPTO.JKPT Surya Pertiwi Tbk10.93%$70.5268.08%
TOTG.OLTotens Sparebank10.91%$31.6287.19%
1052.HKYuexiu Transport Infrastructure Limited10.89%$0.5162.60%
601919.SSCOSCO SHIPPING Holdings Co., Ltd.10.89%$1.6567.32%
DETEC.HEDetection Technology Oyj10.89%$1.2399.18%
018500.KSDongwon Metal Co., Ltd.10.86%$150.3024.83%
3799.HKDali Foods Group Company Limited10.86%$0.4172.83%
EBRO.MCEbro Foods, S.A.10.86%$2.0177.79%
023590.KSDaou Technology Inc.10.85%$4,297.7041.75%
0392.HKBeijing Enterprises Holdings Limited10.84%$3.4643.30%
NOVC.DENovo Nordisk A/S10.83%$9.9046.60%
0408.HKYip's Chemical Holdings Limited10.81%$0.2048.65%
4342.SRJadwa Investment - Jadwa Reit Saudi Fund10.80%$1.2085.91%
RIAS-B.CORIAS A/S10.79%$73.9373.44%