Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Shutterstock, Inc. (SSTK)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$29.29 - $58.95$40.80
Multi-Stage$23.57 - $25.64$24.58
Blended Fair Value$32.69
Current Price$18.96
Upside72.42%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%1.181.080.960.850.680.002.920.000.000.00
YoY Growth--9.61%11.79%12.85%25.61%0.00%-100.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.34%2.38%1.33%0.92%0.76%0.00%6.26%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)60.09
(-) Cash Dividends Paid (M)45.27
(=) Cash Retained (M)14.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.027.514.51
Cash Retained (M)14.8214.8214.82
(-) Cash Required (M)-12.02-7.51-4.51
(=) Excess Retained (M)2.807.3110.31
(/) Shares Outstanding (M)35.9035.9035.90
(=) Excess Retained per Share0.080.200.29
LTM Dividend per Share1.261.261.26
(+) Excess Retained per Share0.080.200.29
(=) Adjusted Dividend1.341.461.55
WACC / Discount Rate10.32%10.32%10.32%
Growth Rate5.50%6.50%7.50%
Fair Value$29.29$40.80$58.95
Upside / Downside54.48%115.18%210.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)60.0963.9968.1572.5877.3082.3284.79
Payout Ratio75.34%78.27%81.20%84.14%87.07%90.00%92.50%
Projected Dividends (M)45.2750.0955.3461.0767.3074.0978.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.32%10.32%10.32%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)44.9745.4045.83
Year 2 PV (M)44.6245.4746.33
Year 3 PV (M)44.2145.4846.77
Year 4 PV (M)43.7545.4347.16
Year 5 PV (M)43.2545.3347.50
PV of Terminal Value (M)625.10655.30686.64
Equity Value (M)845.90882.41920.23
Shares Outstanding (M)35.9035.9035.90
Fair Value$23.57$24.58$25.64
Upside / Downside24.29%29.66%35.22%

High-Yield Dividend Screener

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