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Shutterstock, Inc. (SSTK)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$39.46 - $105.35$60.46
Multi-Stage$28.56 - $31.12$29.82
Blended Fair Value$45.14
Current Price$18.96
Upside138.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%1.181.080.960.850.680.002.920.000.000.00
YoY Growth--9.61%11.79%12.85%25.61%0.00%-100.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.34%2.38%1.33%0.92%0.76%0.00%6.26%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)60.09
(-) Cash Dividends Paid (M)45.27
(=) Cash Retained (M)14.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.027.514.51
Cash Retained (M)14.8214.8214.82
(-) Cash Required (M)-12.02-7.51-4.51
(=) Excess Retained (M)2.807.3110.31
(/) Shares Outstanding (M)35.9035.9035.90
(=) Excess Retained per Share0.080.200.29
LTM Dividend per Share1.261.261.26
(+) Excess Retained per Share0.080.200.29
(=) Adjusted Dividend1.341.461.55
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Fair Value$39.46$60.46$105.35
Upside / Downside108.14%218.89%455.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)60.0963.9968.1572.5877.3082.3284.79
Payout Ratio75.34%78.27%81.20%84.14%87.07%90.00%92.50%
Projected Dividends (M)45.2750.0955.3461.0767.3074.0978.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)45.4945.9246.35
Year 2 PV (M)45.6446.5147.39
Year 3 PV (M)45.7447.0548.39
Year 4 PV (M)45.7847.5449.35
Year 5 PV (M)45.7747.9850.27
PV of Terminal Value (M)796.87835.35875.32
Equity Value (M)1,025.281,070.351,117.07
Shares Outstanding (M)35.9035.9035.90
Fair Value$28.56$29.82$31.12
Upside / Downside50.65%57.27%64.14%

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