Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Gildan Activewear Inc. (GIL)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$42.01 - $74.19$55.65
Multi-Stage$58.78 - $64.50$61.59
Blended Fair Value$58.62
Current Price$57.67
Upside1.65%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320232022202120192018201720172015
DPS3.40%9.64%0.880.870.810.600.200.740.620.560.490.42
YoY Growth--1.27%6.49%36.82%196.08%-72.94%19.40%11.49%14.04%16.76%19.80%
Dividend Yield--1.99%2.34%2.41%1.59%0.66%5.82%1.70%1.93%1.81%1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)473.72
(-) Cash Dividends Paid (M)135.45
(=) Cash Retained (M)338.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)94.7459.2235.53
Cash Retained (M)338.27338.27338.27
(-) Cash Required (M)-94.74-59.22-35.53
(=) Excess Retained (M)243.53279.06302.74
(/) Shares Outstanding (M)152.00152.00152.00
(=) Excess Retained per Share1.601.841.99
LTM Dividend per Share0.890.890.89
(+) Excess Retained per Share1.601.841.99
(=) Adjusted Dividend2.492.732.88
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate1.40%2.40%3.40%
Fair Value$42.01$55.65$74.19
Upside / Downside-27.15%-3.50%28.65%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)473.72485.10496.75508.68520.90533.41549.42
Payout Ratio28.59%40.87%53.16%65.44%77.72%90.00%92.50%
Projected Dividends (M)135.45198.28264.05332.87404.84480.07508.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate1.40%2.40%3.40%
Year 1 PV (M)182.78184.59186.39
Year 2 PV (M)224.39228.84233.33
Year 3 PV (M)260.76268.55276.49
Year 4 PV (M)292.35304.05316.10
Year 5 PV (M)319.58335.65352.36
PV of Terminal Value (M)7,654.648,039.608,439.89
Equity Value (M)8,934.499,361.279,804.57
Shares Outstanding (M)152.00152.00152.00
Fair Value$58.78$61.59$64.50
Upside / Downside1.93%6.79%11.85%

High-Yield Dividend Screener

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