Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Caleres, Inc. (CAL)

Company Dividend Discount ModelIndustry: Apparel - Footwear & AccessoriesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$3.58 - $4.94$4.26
Multi-Stage$5.80 - $6.36$6.08
Blended Fair Value$5.17
Current Price$11.04
Upside-53.17%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-3.23%-2.30%0.300.300.310.330.330.350.370.370.370.38
YoY Growth---2.61%-2.26%-4.36%-1.08%-5.76%-4.68%-0.37%-0.64%-1.22%0.13%
Dividend Yield--1.87%0.82%1.37%1.42%1.41%4.78%1.37%1.13%1.29%1.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)20.61
(-) Cash Dividends Paid (M)9.52
(=) Cash Retained (M)11.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.122.581.55
Cash Retained (M)11.0911.0911.09
(-) Cash Required (M)-4.12-2.58-1.55
(=) Excess Retained (M)6.968.519.54
(/) Shares Outstanding (M)32.6432.6432.64
(=) Excess Retained per Share0.210.260.29
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share0.210.260.29
(=) Adjusted Dividend0.510.550.58
WACC / Discount Rate10.25%10.25%10.25%
Growth Rate-3.40%-2.40%-1.40%
Fair Value$3.58$4.26$4.94
Upside / Downside-67.62%-61.38%-55.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20.6120.1219.6319.1618.7018.2518.80
Payout Ratio46.21%54.97%63.73%72.48%81.24%90.00%92.50%
Projected Dividends (M)9.5211.0612.5113.8915.1916.4317.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.25%10.25%10.25%
Growth Rate-3.40%-2.40%-1.40%
Year 1 PV (M)9.9310.0310.13
Year 2 PV (M)10.0810.2910.51
Year 3 PV (M)10.0510.3610.69
Year 4 PV (M)9.8710.2810.71
Year 5 PV (M)9.5810.0910.61
PV of Terminal Value (M)139.89147.28154.98
Equity Value (M)189.40198.34207.63
Shares Outstanding (M)32.6432.6432.64
Fair Value$5.80$6.08$6.36
Upside / Downside-47.44%-44.96%-42.38%

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