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John B. Sanfilippo & Son, Inc. (JBSS)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$63.23 - $102.93$81.00
Multi-Stage$76.98 - $84.31$80.58
Blended Fair Value$80.79
Current Price$62.97
Upside28.30%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-18.71%3.83%2.082.974.682.944.905.862.482.424.811.92
YoY Growth---29.87%-36.66%59.07%-39.90%-16.41%136.43%2.48%-49.76%151.11%34.17%
Dividend Yield--3.30%3.09%4.70%3.85%6.06%7.94%2.57%3.40%7.20%3.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)66.00
(-) Cash Dividends Paid (M)17.49
(=) Cash Retained (M)48.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.208.254.95
Cash Retained (M)48.5148.5148.51
(-) Cash Required (M)-13.20-8.25-4.95
(=) Excess Retained (M)35.3140.2643.56
(/) Shares Outstanding (M)11.7311.7311.73
(=) Excess Retained per Share3.013.433.71
LTM Dividend per Share1.491.491.49
(+) Excess Retained per Share3.013.433.71
(=) Adjusted Dividend4.504.925.21
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.83%2.83%3.83%
Fair Value$63.23$81.00$102.93
Upside / Downside0.41%28.64%63.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)66.0067.8769.7971.7673.7975.8878.16
Payout Ratio26.50%39.20%51.90%64.60%77.30%90.00%92.50%
Projected Dividends (M)17.4926.6136.2246.3657.0468.2972.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.83%2.83%3.83%
Year 1 PV (M)24.1524.3924.63
Year 2 PV (M)29.8530.4431.04
Year 3 PV (M)34.6935.7236.77
Year 4 PV (M)38.7540.2941.88
Year 5 PV (M)42.1244.2246.42
PV of Terminal Value (M)733.28770.00808.18
Equity Value (M)902.84945.07988.92
Shares Outstanding (M)11.7311.7311.73
Fair Value$76.98$80.58$84.31
Upside / Downside22.24%27.96%33.90%

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