Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CoreCivic, Inc. (CXW)

Company Dividend Discount ModelIndustry: REIT - SpecialtySector: Real Estate

Valuation Snapshot

Stable Growth$8.63 - $13.08$10.72
Multi-Stage$17.90 - $19.75$18.81
Blended Fair Value$14.76
Current Price$20.35
Upside-27.45%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-76.96%-52.53%0.000.000.010.020.961.911.861.822.322.28
YoY Growth--3.82%-85.21%-64.67%-97.63%-49.42%2.61%1.93%-21.59%1.92%7.11%
Dividend Yield--0.01%0.01%0.09%0.20%10.65%17.06%9.42%9.33%7.40%7.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)109.24
(-) Cash Dividends Paid (M)0.05
(=) Cash Retained (M)109.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21.8513.668.19
Cash Retained (M)109.20109.20109.20
(-) Cash Required (M)-21.85-13.66-8.19
(=) Excess Retained (M)87.3595.54101.00
(/) Shares Outstanding (M)109.94109.94109.94
(=) Excess Retained per Share0.790.870.92
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.790.870.92
(=) Adjusted Dividend0.790.870.92
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-2.19%-1.19%-0.19%
Fair Value$8.63$10.72$13.08
Upside / Downside-57.61%-47.32%-35.72%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)109.24107.94106.65105.38104.12102.88105.96
Payout Ratio0.04%18.03%36.02%54.02%72.01%90.00%92.50%
Projected Dividends (M)0.0519.4638.4256.9274.9792.5998.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-2.19%-1.19%-0.19%
Year 1 PV (M)18.0418.2218.41
Year 2 PV (M)32.9933.6734.36
Year 3 PV (M)45.3046.7048.13
Year 4 PV (M)55.2957.5859.95
Year 5 PV (M)63.2766.5770.01
PV of Terminal Value (M)1,753.361,844.841,940.11
Equity Value (M)1,968.242,067.592,170.96
Shares Outstanding (M)109.94109.94109.94
Fair Value$17.90$18.81$19.75
Upside / Downside-12.03%-7.59%-2.97%

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