Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Company Industry Sector

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Industry

Sector

Lincoln Electric Holdings, Inc. (LECO)

Company Dividend Discount ModelIndustry: Manufacturing - Tools & AccessoriesSector: Industrials

Valuation Snapshot

Stable Growth$342.42 - $1,836.33$674.52
Multi-Stage$235.76 - $258.19$246.77
Blended Fair Value$460.64
Current Price$235.83
Upside95.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.58%8.27%2.882.632.322.162.102.091.811.641.551.54
YoY Growth--9.55%13.22%7.28%3.16%0.17%15.54%10.39%5.87%0.42%18.71%
Dividend Yield--1.52%1.04%1.37%1.57%1.71%3.03%2.11%1.82%1.78%2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)524.74
(-) Cash Dividends Paid (M)166.64
(=) Cash Retained (M)358.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)104.9565.5939.36
Cash Retained (M)358.10358.10358.10
(-) Cash Required (M)-104.95-65.59-39.36
(=) Excess Retained (M)253.15292.51318.74
(/) Shares Outstanding (M)56.3456.3456.34
(=) Excess Retained per Share4.495.195.66
LTM Dividend per Share2.962.962.96
(+) Excess Retained per Share4.495.195.66
(=) Adjusted Dividend7.458.158.62
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate4.58%5.58%6.58%
Fair Value$342.42$674.52$1,836.33
Upside / Downside45.20%186.02%678.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)524.74554.00584.90617.52651.95688.31708.96
Payout Ratio31.76%43.41%55.05%66.70%78.35%90.00%92.50%
Projected Dividends (M)166.64240.47322.01411.90510.81619.48655.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate4.58%5.58%6.58%
Year 1 PV (M)222.91225.05227.18
Year 2 PV (M)276.72282.03287.40
Year 3 PV (M)328.13337.63347.31
Year 4 PV (M)377.22391.86406.92
Year 5 PV (M)424.08444.74466.21
PV of Terminal Value (M)11,653.8612,221.8112,811.69
Equity Value (M)13,282.9113,903.1214,546.71
Shares Outstanding (M)56.3456.3456.34
Fair Value$235.76$246.77$258.19
Upside / Downside-0.03%4.64%9.48%

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