Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

The Toronto-Dominion Bank NCUM 5Y PFD SR18 (TD-PFJ.TO)

Company Dividend Discount ModelIndustry: BanksSector: Financial Services

Valuation Snapshot

Stable Growth$566.05 - $2,371.86$1,428.37
Multi-Stage$334.15 - $365.93$349.75
Blended Fair Value$889.06
Current Price$25.69
Upside3,360.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.78%8.43%4.113.353.833.192.102.962.662.422.191.98
YoY Growth--22.92%-12.60%19.98%51.78%-29.03%11.29%10.05%10.58%10.57%8.03%
Dividend Yield--16.26%15.18%17.41%14.51%8.35%11.76%10.57%9.63%8.71%7.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)20,893.00
(-) Cash Dividends Paid (M)7,537.00
(=) Cash Retained (M)13,356.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,178.602,611.631,566.98
Cash Retained (M)13,356.0013,356.0013,356.00
(-) Cash Required (M)-4,178.60-2,611.63-1,566.98
(=) Excess Retained (M)9,177.4010,744.3811,789.03
(/) Shares Outstanding (M)1,740.151,740.151,740.15
(=) Excess Retained per Share5.276.176.77
LTM Dividend per Share4.334.334.33
(+) Excess Retained per Share5.276.176.77
(=) Adjusted Dividend9.6110.5111.11
WACC / Discount Rate6.56%6.56%6.56%
Growth Rate4.78%5.78%6.78%
Fair Value$566.05$1,428.37$2,371.86
Upside / Downside2,103.40%5,460.04%9,132.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20,893.0022,101.3023,379.4724,731.5726,161.8627,674.8728,505.11
Payout Ratio36.07%46.86%57.64%68.43%79.21%90.00%92.50%
Projected Dividends (M)7,537.0010,356.5413,477.0016,923.7420,724.0824,907.3826,367.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.56%6.56%6.56%
Growth Rate4.78%5.78%6.78%
Year 1 PV (M)9,626.989,718.869,810.73
Year 2 PV (M)11,645.1211,868.4512,093.91
Year 3 PV (M)13,593.2313,986.1414,386.55
Year 4 PV (M)15,473.0916,072.2716,688.69
Year 5 PV (M)17,286.4418,127.2019,000.36
PV of Terminal Value (M)513,847.60538,839.63564,794.78
Equity Value (M)581,472.47608,612.56636,775.02
Shares Outstanding (M)1,740.151,740.151,740.15
Fair Value$334.15$349.75$365.93
Upside / Downside1,200.70%1,261.41%1,324.41%

High-Yield Dividend Screener

« Prev Page 7 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
PLYMPlymouth Industrial REIT, Inc.4.80%$1.0549.94%
SAFTSafety Insurance Group, Inc.4.80%$3.6361.47%
CETCentral Securities Corp.4.79%$2.4313.87%
GBLIGlobal Indemnity Group, LLC4.79%$1.3870.11%
JANIXJanus Henderson Triton Fund Class D4.79%$1.2767.95%
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 20294.77%$1.2175.90%
PRUPrudential Financial, Inc.4.77%$5.4373.37%
IFAFXThe Income Fund of America, Class F-1 Shares4.76%$1.2433.91%
AMECXAmerican Funds The Income Fund of America Class A4.74%$1.2433.91%
UMPQUmpqua Holdings Corporation4.74%$0.8454.13%
NFBKNorthfield Bancorp, Inc.4.73%$0.5454.01%
SBSISouthside Bancshares, Inc.4.72%$1.4462.24%
TNLTravel + Leisure Co.4.72%$3.4054.99%
AIRCApartment Income REIT Corp.4.68%$1.8341.27%
SONSonoco Products Company4.68%$2.0832.95%
OFLXOmega Flex, Inc.4.67%$1.3685.30%
FTAIOFTAI Aviation Ltd.4.65%$1.1825.22%
WDWalker & Dunlop, Inc.4.65%$2.7379.29%
0J2Z.LHA Sustainable Infrastructure Capital, Inc.4.63%$1.4766.70%
FLMNFalcon Minerals Corporation4.63%$0.3681.83%
GSRMGSR II Meteora Acquisition Corp.4.62%$0.1532.94%
FBFWXAmerican Funds Retirement Income Portfolio - Moderate Class F-14.61%$0.6379.77%
GPSThe Gap, Inc.4.61%$0.9341.48%
QUADQuad/Graphics, Inc.4.61%$0.2764.56%
BMYBristol-Myers Squibb Company4.59%$2.4582.81%
WTBAWest Bancorporation, Inc.4.56%$0.9952.39%
SCPLSciPlay Corporation4.55%$1.0417.40%
OLPOne Liberty Properties, Inc.4.53%$0.9257.61%
RWAYLRunway Growth Finance Corp. - 74.53%$1.1475.51%
INSWInternational Seaways, Inc.4.52%$2.1248.43%
RWAYZRunway Growth Finance Corp. 8.00% Notes due 20274.52%$1.1475.51%
DDominion Energy, Inc.4.48%$2.6597.13%
TGTTarget Corporation4.48%$4.5054.48%
COLBColumbia Banking System, Inc.4.47%$1.2662.95%
DFPAXBNY Mellon Diversified International Fund Class A4.46%$0.4556.12%
KEYKeyCorp4.46%$0.9495.81%
RPTIXT. Rowe Price Mid-Cap Growth Fund4.46%$4.3859.54%
CGBDCarlyle Secured Lending, Inc.4.45%$0.5655.08%
NEWTPNewtekOne, Inc. Depositary Shares, Non-Cumulative Perpetual Preferred Stock, Series B4.44%$1.0244.14%
PFCPremier Financial Corp.4.43%$1.2468.07%
BFCBank First Corporation4.40%$5.3073.82%
DUKDuke Energy Corporation4.40%$5.1780.55%
0L77.LSkyworks Solutions, Inc.4.37%$2.7990.67%
ESCAEscalade, Incorporated4.35%$0.6065.28%
DINOHF Sinclair Corporation4.34%$2.0396.43%
LBAILakeland Bancorp, Inc.4.34%$0.5844.96%
CVXChevron Corporation4.32%$6.7495.36%
CVBFCVB Financial Corp.4.31%$0.8154.32%
HTBKHeritage Commerce Corp4.30%$0.5273.66%
EQREquity Residential4.28%$2.6689.76%