Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Myers Industries, Inc. (MYE)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$7.73 - $12.27$9.80
Multi-Stage$10.98 - $12.01$11.49
Blended Fair Value$10.64
Current Price$16.94
Upside-37.18%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.13%2.66%0.550.540.530.520.520.520.480.440.430.45
YoY Growth--0.95%2.24%1.03%0.88%0.56%8.14%9.31%0.74%-2.72%6.16%
Dividend Yield--4.57%2.37%2.47%2.42%2.63%4.80%2.75%2.06%2.73%3.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27.90
(-) Cash Dividends Paid (M)20.48
(=) Cash Retained (M)7.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.583.492.09
Cash Retained (M)7.427.427.42
(-) Cash Required (M)-5.58-3.49-2.09
(=) Excess Retained (M)1.843.935.32
(/) Shares Outstanding (M)37.4537.4537.45
(=) Excess Retained per Share0.050.100.14
LTM Dividend per Share0.550.550.55
(+) Excess Retained per Share0.050.100.14
(=) Adjusted Dividend0.600.650.69
WACC / Discount Rate8.76%8.76%8.76%
Growth Rate0.98%1.98%2.98%
Fair Value$7.73$9.80$12.27
Upside / Downside-54.36%-42.16%-27.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27.9028.4529.0129.5830.1730.7631.69
Payout Ratio73.41%76.73%80.05%83.37%86.68%90.00%92.50%
Projected Dividends (M)20.4821.8323.2224.6626.1527.6929.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.76%8.76%8.76%
Growth Rate0.98%1.98%2.98%
Year 1 PV (M)19.8720.0720.27
Year 2 PV (M)19.2519.6320.02
Year 3 PV (M)18.6119.1719.74
Year 4 PV (M)17.9718.6919.43
Year 5 PV (M)17.3218.1919.10
PV of Terminal Value (M)318.28334.36351.08
Equity Value (M)411.30430.11449.64
Shares Outstanding (M)37.4537.4537.45
Fair Value$10.98$11.49$12.01
Upside / Downside-35.16%-32.20%-29.12%

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