Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Glacier Bancorp, Inc. (GBCI)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$146.22 - $415.18$389.08
Multi-Stage$58.74 - $64.22$61.43
Blended Fair Value$225.26
Current Price$48.67
Upside362.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.81%11.41%1.321.291.391.281.161.100.750.980.740.70
YoY Growth--2.28%-6.89%8.23%10.89%5.46%45.59%-23.48%32.94%5.77%55.97%
Dividend Yield--2.99%3.33%3.30%2.55%2.03%3.22%1.84%2.56%2.18%2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)237.00
(-) Cash Dividends Paid (M)151.83
(=) Cash Retained (M)85.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)47.4029.6317.78
Cash Retained (M)85.1785.1785.17
(-) Cash Required (M)-47.40-29.63-17.78
(=) Excess Retained (M)37.7755.5567.40
(/) Shares Outstanding (M)113.53113.53113.53
(=) Excess Retained per Share0.330.490.59
LTM Dividend per Share1.341.341.34
(+) Excess Retained per Share0.330.490.59
(=) Adjusted Dividend1.671.831.93
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate5.50%6.50%7.50%
Fair Value$146.22$389.08$415.18
Upside / Downside200.44%699.43%753.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)237.00252.41268.81286.29304.90324.71334.46
Payout Ratio64.06%69.25%74.44%79.62%84.81%90.00%92.50%
Projected Dividends (M)151.83174.79200.10227.96258.59292.24309.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)162.27163.81165.35
Year 2 PV (M)172.46175.74179.06
Year 3 PV (M)182.39187.63192.96
Year 4 PV (M)192.08199.47207.07
Year 5 PV (M)201.53211.26221.37
PV of Terminal Value (M)5,758.186,036.306,325.07
Equity Value (M)6,668.916,974.217,290.87
Shares Outstanding (M)113.53113.53113.53
Fair Value$58.74$61.43$64.22
Upside / Downside20.70%26.22%31.95%

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