Definitive Analysis
Definitive Analysis

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Bank of America Corporation (BAC)

Company Dividend Discount ModelIndustry: Banks - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$91.56 - $248.14$140.93
Multi-Stage$62.85 - $68.64$65.69
Blended Fair Value$103.31
Current Price$51.59
Upside100.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.88%15.21%1.231.181.111.041.000.770.890.740.540.46
YoY Growth--4.58%5.96%6.47%4.24%30.22%-13.94%20.96%35.91%17.35%54.99%
Dividend Yield--2.95%3.14%3.88%2.53%2.59%3.62%3.13%2.46%2.30%3.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)29,646.00
(-) Cash Dividends Paid (M)9,478.00
(=) Cash Retained (M)20,168.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,929.203,705.752,223.45
Cash Retained (M)20,168.0020,168.0020,168.00
(-) Cash Required (M)-5,929.20-3,705.75-2,223.45
(=) Excess Retained (M)14,238.8016,462.2517,944.55
(/) Shares Outstanding (M)7,723.307,723.307,723.30
(=) Excess Retained per Share1.842.132.32
LTM Dividend per Share1.231.231.23
(+) Excess Retained per Share1.842.132.32
(=) Adjusted Dividend3.073.363.55
WACC / Discount Rate9.04%9.04%9.04%
Growth Rate5.50%6.50%7.50%
Fair Value$91.56$140.93$248.14
Upside / Downside77.48%173.17%380.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)29,646.0031,572.9933,625.2335,810.8738,138.5840,617.5941,836.12
Payout Ratio31.97%43.58%55.18%66.79%78.39%90.00%92.50%
Projected Dividends (M)9,478.0013,758.3918,555.2023,917.4529,898.4036,555.8338,698.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.04%9.04%9.04%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)12,499.4812,617.9612,736.44
Year 2 PV (M)15,314.8915,606.5915,901.05
Year 3 PV (M)17,934.4218,449.2518,973.84
Year 4 PV (M)20,367.8221,151.1121,956.78
Year 5 PV (M)22,624.4223,717.1824,851.77
PV of Terminal Value (M)396,648.39415,806.65435,698.15
Equity Value (M)485,389.41507,348.75530,118.03
Shares Outstanding (M)7,723.307,723.307,723.30
Fair Value$62.85$65.69$68.64
Upside / Downside21.82%27.33%33.05%

High-Yield Dividend Screener

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