Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Woodward, Inc. (WWD)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$165.88 - $430.37$251.91
Multi-Stage$112.99 - $123.51$118.16
Blended Fair Value$185.03
Current Price$252.71
Upside-26.78%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS11.52%10.18%1.060.950.830.730.590.610.640.550.480.43
YoY Growth--11.48%14.23%13.45%24.80%-4.31%-3.59%14.89%14.32%11.80%7.95%
Dividend Yield--0.42%0.57%0.61%0.76%0.54%0.50%0.54%0.75%0.63%0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)442.11
(-) Cash Dividends Paid (M)64.98
(=) Cash Retained (M)377.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)88.4255.2633.16
Cash Retained (M)377.14377.14377.14
(-) Cash Required (M)-88.42-55.26-33.16
(=) Excess Retained (M)288.71321.87343.98
(/) Shares Outstanding (M)61.3961.3961.39
(=) Excess Retained per Share4.705.245.60
LTM Dividend per Share1.061.061.06
(+) Excess Retained per Share4.705.245.60
(=) Adjusted Dividend5.766.306.66
WACC / Discount Rate9.16%9.16%9.16%
Growth Rate5.50%6.50%7.50%
Fair Value$165.88$251.91$430.37
Upside / Downside-34.36%-0.32%70.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)442.11470.85501.45534.05568.76605.73623.90
Payout Ratio14.70%29.76%44.82%59.88%74.94%90.00%92.50%
Projected Dividends (M)64.98140.11224.74319.78426.23545.16577.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.16%9.16%9.16%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)127.14128.35129.55
Year 2 PV (M)185.07188.59192.15
Year 3 PV (M)238.96245.82252.81
Year 4 PV (M)289.03300.14311.57
Year 5 PV (M)335.46351.66368.49
PV of Terminal Value (M)5,761.386,039.666,328.59
Equity Value (M)6,937.047,254.237,583.16
Shares Outstanding (M)61.3961.3961.39
Fair Value$112.99$118.16$123.51
Upside / Downside-55.29%-53.24%-51.12%

High-Yield Dividend Screener

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