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Church & Dwight Co., Inc. (0R13.L)

Company Dividend Discount ModelIndustry: Household & Personal ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$44.00 - $78.19$58.42
Multi-Stage$46.44 - $50.79$48.58
Blended Fair Value$53.50
Current Price$87.63
Upside-38.95%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.33%5.16%1.121.081.031.000.960.910.860.770.740.71
YoY Growth--3.94%4.51%3.03%4.30%5.89%5.06%12.03%4.04%4.39%4.66%
Dividend Yield--1.02%1.03%1.17%1.01%1.10%1.41%1.20%1.53%1.48%1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)782.50
(-) Cash Dividends Paid (M)286.00
(=) Cash Retained (M)496.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)156.5097.8158.69
Cash Retained (M)496.50496.50496.50
(-) Cash Required (M)-156.50-97.81-58.69
(=) Excess Retained (M)340.00398.69437.81
(/) Shares Outstanding (M)247.15247.15247.15
(=) Excess Retained per Share1.381.611.77
LTM Dividend per Share1.161.161.16
(+) Excess Retained per Share1.381.611.77
(=) Adjusted Dividend2.532.772.93
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate3.16%4.16%5.16%
Fair Value$44.00$58.42$78.19
Upside / Downside-49.79%-33.33%-10.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)782.50815.04848.94884.25921.03959.33988.11
Payout Ratio36.55%47.24%57.93%68.62%79.31%90.00%92.50%
Projected Dividends (M)286.00385.02491.79606.77730.46863.40914.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate3.16%4.16%5.16%
Year 1 PV (M)349.53352.92356.30
Year 2 PV (M)405.29413.19421.16
Year 3 PV (M)453.95467.28480.86
Year 4 PV (M)496.10515.62535.71
Year 5 PV (M)532.33558.63585.97
PV of Terminal Value (M)9,241.199,697.8710,172.42
Equity Value (M)11,478.3812,005.5012,552.43
Shares Outstanding (M)247.15247.15247.15
Fair Value$46.44$48.58$50.79
Upside / Downside-47.00%-44.57%-42.04%

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