Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Steelcase Inc. (SCS)

Company Dividend Discount ModelIndustry: Business Equipment & SuppliesSector: Industrials

Valuation Snapshot

Stable Growth$4.25 - $5.83$5.05
Multi-Stage$8.03 - $8.83$8.42
Blended Fair Value$6.74
Current Price$16.74
Upside-59.77%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-7.18%-0.98%0.400.400.490.530.370.590.550.520.500.48
YoY Growth--0.00%-16.93%-8.47%43.91%-37.05%7.47%5.41%4.27%2.63%8.57%
Dividend Yield--3.91%3.06%6.83%4.30%2.55%5.06%3.26%3.67%2.96%3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)95.30
(-) Cash Dividends Paid (M)47.70
(=) Cash Retained (M)47.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19.0611.917.15
Cash Retained (M)47.6047.6047.60
(-) Cash Required (M)-19.06-11.91-7.15
(=) Excess Retained (M)28.5435.6940.45
(/) Shares Outstanding (M)117.98117.98117.98
(=) Excess Retained per Share0.240.300.34
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.240.300.34
(=) Adjusted Dividend0.650.710.75
WACC / Discount Rate9.22%9.22%9.22%
Growth Rate-5.19%-4.19%-3.19%
Fair Value$4.25$5.05$5.83
Upside / Downside-74.61%-69.84%-65.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)95.3091.3087.4883.8180.2976.9379.24
Payout Ratio50.05%58.04%66.03%74.02%82.01%90.00%92.50%
Projected Dividends (M)47.7052.9957.7662.0465.8569.2373.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.22%9.22%9.22%
Growth Rate-5.19%-4.19%-3.19%
Year 1 PV (M)48.0148.5249.03
Year 2 PV (M)47.4248.4249.44
Year 3 PV (M)46.1447.6149.12
Year 4 PV (M)44.3746.2748.24
Year 5 PV (M)42.2744.5546.92
PV of Terminal Value (M)719.38758.13798.53
Equity Value (M)947.59993.511,041.27
Shares Outstanding (M)117.98117.98117.98
Fair Value$8.03$8.42$8.83
Upside / Downside-52.02%-49.69%-47.27%

High-Yield Dividend Screener

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