Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Sector

SouthState Corporation (SSB)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$164.81 - $419.21$248.73
Multi-Stage$115.07 - $125.66$120.27
Blended Fair Value$184.50
Current Price$98.87
Upside86.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS23.07%23.47%1.701.631.541.421.030.600.530.400.310.25
YoY Growth--4.30%6.49%8.37%37.74%70.30%14.12%30.90%31.89%23.51%19.84%
Dividend Yield--1.84%1.96%2.15%1.74%1.31%1.03%0.75%0.47%0.34%0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)695.12
(-) Cash Dividends Paid (M)212.53
(=) Cash Retained (M)482.59
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)139.0286.8952.13
Cash Retained (M)482.59482.59482.59
(-) Cash Required (M)-139.02-86.89-52.13
(=) Excess Retained (M)343.56395.70430.45
(/) Shares Outstanding (M)95.5495.5495.54
(=) Excess Retained per Share3.604.144.51
LTM Dividend per Share2.222.222.22
(+) Excess Retained per Share3.604.144.51
(=) Adjusted Dividend5.826.376.73
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate5.50%6.50%7.50%
Fair Value$164.81$248.73$419.21
Upside / Downside66.70%151.58%324.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)695.12740.31788.43839.67894.25952.38980.95
Payout Ratio30.58%42.46%54.35%66.23%78.12%90.00%92.50%
Projected Dividends (M)212.53314.33428.47556.12698.55857.14907.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)285.08287.78290.49
Year 2 PV (M)352.43359.15365.92
Year 3 PV (M)414.86426.77438.90
Year 4 PV (M)472.61490.79509.48
Year 5 PV (M)525.95551.35577.72
PV of Terminal Value (M)8,943.049,374.999,823.48
Equity Value (M)10,993.9711,490.8312,005.99
Shares Outstanding (M)95.5495.5495.54
Fair Value$115.07$120.27$125.66
Upside / Downside16.38%21.64%27.10%

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