Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Cintas Corporation (0HYJ.L)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$169.53 - $896.50$337.60
Multi-Stage$95.71 - $104.64$100.09
Blended Fair Value$218.85
Current Price$210.06
Upside4.18%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS17.95%19.74%1.491.291.100.911.100.650.540.430.350.28
YoY Growth--15.20%18.00%19.94%-16.89%68.43%21.38%25.73%23.28%23.56%14.19%
Dividend Yield--0.71%0.65%0.87%0.89%1.12%0.81%0.80%0.79%1.05%0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,848.17
(-) Cash Dividends Paid (M)631.16
(=) Cash Retained (M)1,217.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)369.63231.02138.61
Cash Retained (M)1,217.021,217.021,217.02
(-) Cash Required (M)-369.63-231.02-138.61
(=) Excess Retained (M)847.38986.001,078.40
(/) Shares Outstanding (M)409.99409.99409.99
(=) Excess Retained per Share2.072.402.63
LTM Dividend per Share1.541.541.54
(+) Excess Retained per Share2.072.402.63
(=) Adjusted Dividend3.613.944.17
WACC / Discount Rate7.74%7.74%7.74%
Growth Rate5.50%6.50%7.50%
Fair Value$169.53$337.60$896.50
Upside / Downside-19.30%60.72%326.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,848.171,968.312,096.252,232.502,377.612,532.162,608.12
Payout Ratio34.15%45.32%56.49%67.66%78.83%90.00%92.50%
Projected Dividends (M)631.16892.041,184.171,510.511,874.272,278.942,412.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.74%7.74%7.74%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)820.15827.92835.70
Year 2 PV (M)1,001.001,020.061,039.31
Year 3 PV (M)1,173.951,207.651,241.99
Year 4 PV (M)1,339.271,390.771,443.75
Year 5 PV (M)1,497.191,569.501,644.59
PV of Terminal Value (M)33,407.3235,020.9136,696.25
Equity Value (M)39,238.8741,036.8242,901.58
Shares Outstanding (M)409.99409.99409.99
Fair Value$95.71$100.09$104.64
Upside / Downside-54.44%-52.35%-50.19%

High-Yield Dividend Screener

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