Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Myers Industries, Inc. (MYE)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$11.76 - $22.75$16.14
Multi-Stage$20.57 - $22.58$21.56
Blended Fair Value$18.85
Current Price$16.94
Upside11.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.13%2.66%0.550.540.530.520.520.520.480.440.430.45
YoY Growth--0.95%2.24%1.03%0.88%0.56%8.14%9.31%0.74%-2.72%6.16%
Dividend Yield--4.57%2.37%2.47%2.42%2.63%4.80%2.75%2.06%2.73%3.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27.90
(-) Cash Dividends Paid (M)20.48
(=) Cash Retained (M)7.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.583.492.09
Cash Retained (M)7.427.427.42
(-) Cash Required (M)-5.58-3.49-2.09
(=) Excess Retained (M)1.843.935.32
(/) Shares Outstanding (M)37.4537.4537.45
(=) Excess Retained per Share0.050.100.14
LTM Dividend per Share0.550.550.55
(+) Excess Retained per Share0.050.100.14
(=) Adjusted Dividend0.600.650.69
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate0.98%1.98%2.98%
Fair Value$11.76$16.14$22.75
Upside / Downside-30.61%-4.74%34.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27.9028.4529.0129.5830.1730.7631.69
Payout Ratio73.41%76.73%80.05%83.37%86.68%90.00%92.50%
Projected Dividends (M)20.4821.8323.2224.6626.1527.6929.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate0.98%1.98%2.98%
Year 1 PV (M)20.3720.5720.78
Year 2 PV (M)20.2320.6321.04
Year 3 PV (M)20.0520.6521.26
Year 4 PV (M)19.8420.6421.46
Year 5 PV (M)19.6120.6021.63
PV of Terminal Value (M)670.36704.22739.43
Equity Value (M)770.46807.31845.59
Shares Outstanding (M)37.4537.4537.45
Fair Value$20.57$21.56$22.58
Upside / Downside21.45%27.26%33.30%

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