Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company Industry Sector

Ticker

Industry

Sector

Chevron Corporation (CVX)

Company Dividend Discount ModelIndustry: Oil & Gas IntegratedSector: Energy

Valuation Snapshot

Stable Growth$145.93 - $335.30$213.03
Multi-Stage$148.56 - $162.18$155.24
Blended Fair Value$184.14
Current Price$155.29
Upside18.58%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.66%4.06%6.676.416.205.765.465.074.814.604.544.52
YoY Growth--4.09%3.36%7.75%5.47%7.72%5.38%4.55%1.25%0.50%0.81%
Dividend Yield--3.99%4.03%3.80%3.53%5.21%6.99%3.85%4.03%4.23%4.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12,780.00
(-) Cash Dividends Paid (M)12,187.00
(=) Cash Retained (M)593.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,556.001,597.50958.50
Cash Retained (M)593.00593.00593.00
(-) Cash Required (M)-2,556.00-1,597.50-958.50
(=) Excess Retained (M)-1,963.00-1,004.50-365.50
(/) Shares Outstanding (M)1,768.661,768.661,768.66
(=) Excess Retained per Share-1.11-0.57-0.21
LTM Dividend per Share6.896.896.89
(+) Excess Retained per Share-1.11-0.57-0.21
(=) Adjusted Dividend5.786.326.68
WACC / Discount Rate7.77%7.77%7.77%
Growth Rate3.66%4.66%5.66%
Fair Value$145.93$213.03$335.30
Upside / Downside-6.03%37.18%115.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12,780.0013,375.9813,999.7514,652.6115,335.9216,051.0916,532.63
Payout Ratio95.36%94.29%93.22%92.14%91.07%90.00%92.50%
Projected Dividends (M)12,187.0012,611.9413,050.0013,501.5013,966.7314,445.9815,292.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.77%7.77%7.77%
Growth Rate3.66%4.66%5.66%
Year 1 PV (M)11,590.8711,702.6811,814.49
Year 2 PV (M)11,022.4711,236.1511,451.89
Year 3 PV (M)10,480.5610,786.8011,098.95
Year 4 PV (M)9,963.9410,354.0110,755.43
Year 5 PV (M)9,471.489,937.2210,421.10
PV of Terminal Value (M)210,216.97220,553.89231,293.51
Equity Value (M)262,746.29274,570.76286,835.37
Shares Outstanding (M)1,768.661,768.661,768.66
Fair Value$148.56$155.24$162.18
Upside / Downside-4.34%-0.03%4.43%

High-Yield Dividend Screener

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