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Definitive Analysis

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Voya Financial, Inc. (VOYA)

Company Dividend Discount ModelIndustry: Financial - ConglomeratesSector: Financial Services

Valuation Snapshot

Stable Growth$122.26 - $270.34$176.13
Multi-Stage$96.47 - $105.41$100.86
Blended Fair Value$138.49
Current Price$74.80
Upside85.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS30.73%32.46%1.711.280.820.820.780.450.060.080.080.09
YoY Growth--34.40%56.25%0.00%5.26%72.73%633.33%-25.00%0.00%-11.11%-10.89%
Dividend Yield--2.53%1.74%1.14%1.23%1.22%1.11%0.12%0.16%0.22%0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)611.00
(-) Cash Dividends Paid (M)180.00
(=) Cash Retained (M)431.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)122.2076.3845.83
Cash Retained (M)431.00431.00431.00
(-) Cash Required (M)-122.20-76.38-45.83
(=) Excess Retained (M)308.80354.63385.18
(/) Shares Outstanding (M)97.9797.9797.97
(=) Excess Retained per Share3.153.623.93
LTM Dividend per Share1.841.841.84
(+) Excess Retained per Share3.153.623.93
(=) Adjusted Dividend4.995.465.77
WACC / Discount Rate9.20%9.20%9.20%
Growth Rate4.91%5.91%6.91%
Fair Value$122.26$176.13$270.34
Upside / Downside63.45%135.47%261.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)611.00647.14685.41725.95768.88814.36838.79
Payout Ratio29.46%41.57%53.68%65.78%77.89%90.00%92.50%
Projected Dividends (M)180.00269.00367.90477.56598.90732.92775.88

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.20%9.20%9.20%
Growth Rate4.91%5.91%6.91%
Year 1 PV (M)244.02246.35248.67
Year 2 PV (M)302.75308.55314.40
Year 3 PV (M)356.49366.78377.27
Year 4 PV (M)405.56421.24437.38
Year 5 PV (M)450.22472.09494.81
PV of Terminal Value (M)7,692.528,066.188,454.23
Equity Value (M)9,451.569,881.1910,326.75
Shares Outstanding (M)97.9797.9797.97
Fair Value$96.47$100.86$105.41
Upside / Downside28.97%34.84%40.92%

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