Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Sector

Principal Financial Group, Inc. (PFG)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$67.48 - $105.14$84.86
Multi-Stage$100.38 - $110.04$105.12
Blended Fair Value$94.99
Current Price$82.91
Upside14.57%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.67%5.75%2.902.752.832.882.702.672.632.382.051.94
YoY Growth--5.26%-2.62%-1.80%6.44%1.40%1.24%10.85%16.15%5.42%17.10%
Dividend Yield--3.43%3.20%3.80%3.92%4.51%8.51%5.07%3.90%3.24%4.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,573.50
(-) Cash Dividends Paid (M)677.30
(=) Cash Retained (M)896.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)314.70196.69118.01
Cash Retained (M)896.20896.20896.20
(-) Cash Required (M)-314.70-196.69-118.01
(=) Excess Retained (M)581.50699.51778.19
(/) Shares Outstanding (M)227.29227.29227.29
(=) Excess Retained per Share2.563.083.42
LTM Dividend per Share2.982.982.98
(+) Excess Retained per Share2.563.083.42
(=) Adjusted Dividend5.546.066.40
WACC / Discount Rate8.47%8.47%8.47%
Growth Rate0.25%1.25%2.25%
Fair Value$67.48$84.86$105.14
Upside / Downside-18.61%2.35%26.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,573.501,593.131,613.011,633.131,653.511,674.131,724.36
Payout Ratio43.04%52.44%61.83%71.22%80.61%90.00%92.50%
Projected Dividends (M)677.30835.36997.271,163.081,332.871,506.721,595.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.47%8.47%8.47%
Growth Rate0.25%1.25%2.25%
Year 1 PV (M)762.49770.10777.70
Year 2 PV (M)830.87847.52864.35
Year 3 PV (M)884.48911.22938.48
Year 4 PV (M)925.18962.661,001.26
Year 5 PV (M)954.631,003.201,053.73
PV of Terminal Value (M)18,458.4519,397.6520,374.69
Equity Value (M)22,816.1023,892.3425,010.21
Shares Outstanding (M)227.29227.29227.29
Fair Value$100.38$105.12$110.04
Upside / Downside21.07%26.78%32.72%

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