Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Mode

Company Industry Sector

Ticker

Industry

Sector

Targa Resources Corp. (TRGP)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$1,276.02 - $1,503.37$1,408.88
Multi-Stage$439.87 - $482.19$460.64
Blended Fair Value$934.76
Current Price$174.08
Upside436.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.60%18.47%2.821.961.740.861.814.424.163.862.590.82
YoY Growth--44.04%12.54%102.51%-52.64%-58.97%6.22%7.72%49.00%216.15%58.41%
Dividend Yield--1.41%1.74%2.38%1.14%5.71%63.95%9.82%8.78%4.33%2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,650.40
(-) Cash Dividends Paid (M)767.40
(=) Cash Retained (M)883.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)330.08206.30123.78
Cash Retained (M)883.00883.00883.00
(-) Cash Required (M)-330.08-206.30-123.78
(=) Excess Retained (M)552.92676.70759.22
(/) Shares Outstanding (M)218.33218.33218.33
(=) Excess Retained per Share2.533.103.48
LTM Dividend per Share3.513.513.51
(+) Excess Retained per Share2.533.103.48
(=) Adjusted Dividend6.056.616.99
WACC / Discount Rate4.81%4.81%4.81%
Growth Rate5.50%6.50%7.50%
Fair Value$1,276.02$1,408.88$1,503.37
Upside / Downside633.01%709.33%763.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,650.401,757.681,871.921,993.602,123.182,261.192,329.03
Payout Ratio46.50%55.20%63.90%72.60%81.30%90.00%92.50%
Projected Dividends (M)767.40970.211,196.141,447.341,726.142,035.072,154.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.81%4.81%4.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)917.01925.70934.40
Year 2 PV (M)1,068.571,088.921,109.47
Year 3 PV (M)1,222.091,257.171,292.92
Year 4 PV (M)1,377.591,430.571,485.06
Year 5 PV (M)1,535.101,609.241,686.22
PV of Terminal Value (M)89,914.5694,257.4798,766.59
Equity Value (M)96,034.92100,569.08105,274.66
Shares Outstanding (M)218.33218.33218.33
Fair Value$439.87$460.64$482.19
Upside / Downside152.68%164.61%176.99%

High-Yield Dividend Screener

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