Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PVH Corp. (PVH)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$38.89 - $54.13$46.52
Multi-Stage$72.68 - $80.22$76.37
Blended Fair Value$61.44
Current Price$76.68
Upside-19.87%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-5.31%-3.67%0.170.190.200.050.050.220.230.230.240.25
YoY Growth---8.51%-6.93%274.07%0.00%-76.11%-2.59%-2.52%-2.46%-2.40%0.00%
Dividend Yield--0.24%0.16%0.24%0.07%0.05%0.50%0.18%0.15%0.24%0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)340.80
(-) Cash Dividends Paid (M)8.20
(=) Cash Retained (M)332.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)68.1642.6025.56
Cash Retained (M)332.60332.60332.60
(-) Cash Required (M)-68.16-42.60-25.56
(=) Excess Retained (M)264.44290.00307.04
(/) Shares Outstanding (M)50.7550.7550.75
(=) Excess Retained per Share5.215.716.05
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share5.215.716.05
(=) Adjusted Dividend5.375.886.21
WACC / Discount Rate8.49%8.49%8.49%
Growth Rate-4.67%-3.67%-2.67%
Fair Value$38.89$46.52$54.13
Upside / Downside-49.28%-39.34%-29.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)340.80328.28316.21304.59293.40282.62291.10
Payout Ratio2.41%19.92%37.44%54.96%72.48%90.00%92.50%
Projected Dividends (M)8.2065.41118.40167.41212.66254.36269.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.49%8.49%8.49%
Growth Rate-4.67%-3.67%-2.67%
Year 1 PV (M)59.6660.2960.91
Year 2 PV (M)98.51100.59102.69
Year 3 PV (M)127.05131.09135.22
Year 4 PV (M)147.22153.49159.96
Year 5 PV (M)160.61169.21178.18
PV of Terminal Value (M)3,095.323,261.123,433.95
Equity Value (M)3,688.383,875.804,070.92
Shares Outstanding (M)50.7550.7550.75
Fair Value$72.68$76.37$80.22
Upside / Downside-5.22%-0.40%4.61%

High-Yield Dividend Screener

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