Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Apogee Enterprises, Inc. (APOG)

Company Dividend Discount ModelIndustry: ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$22.22 - $35.68$28.30
Multi-Stage$27.13 - $29.69$28.38
Blended Fair Value$28.34
Current Price$43.98
Upside-35.56%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS3.04%6.06%1.000.980.910.940.900.860.820.760.680.61
YoY Growth--2.86%7.44%-2.94%3.39%4.74%4.76%8.97%11.77%11.25%9.22%
Dividend Yield--2.60%1.50%2.36%2.19%2.38%4.18%2.28%1.72%1.21%1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)44.44
(-) Cash Dividends Paid (M)16.55
(=) Cash Retained (M)27.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.895.553.33
Cash Retained (M)27.8927.8927.89
(-) Cash Required (M)-8.89-5.55-3.33
(=) Excess Retained (M)19.0022.3324.55
(/) Shares Outstanding (M)21.6621.6621.66
(=) Excess Retained per Share0.881.031.13
LTM Dividend per Share0.760.760.76
(+) Excess Retained per Share0.881.031.13
(=) Adjusted Dividend1.641.801.90
WACC / Discount Rate9.36%9.36%9.36%
Growth Rate1.84%2.84%3.84%
Fair Value$22.22$28.30$35.68
Upside / Downside-49.48%-35.65%-18.88%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)44.4445.7046.9948.3349.7051.1152.64
Payout Ratio37.24%47.80%58.35%68.90%79.45%90.00%92.50%
Projected Dividends (M)16.5521.8427.4233.3039.4846.0048.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.36%9.36%9.36%
Growth Rate1.84%2.84%3.84%
Year 1 PV (M)19.7819.9720.17
Year 2 PV (M)22.4822.9323.37
Year 3 PV (M)24.7225.4626.21
Year 4 PV (M)26.5527.6028.69
Year 5 PV (M)28.0029.4130.86
PV of Terminal Value (M)466.07489.41513.67
Equity Value (M)587.60614.77642.98
Shares Outstanding (M)21.6621.6621.66
Fair Value$27.13$28.38$29.69
Upside / Downside-38.31%-35.46%-32.50%

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