Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

National Bank of Canada (NA-PC.TO)

Company Dividend Discount ModelIndustry: Banks - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$556.31 - $2,087.40$1,651.08
Multi-Stage$263.45 - $288.06$275.53
Blended Fair Value$963.31
Current Price$26.54
Upside3,529.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS8.47%10.53%5.104.293.933.462.883.402.592.402.211.57
YoY Growth--19.02%9.12%13.43%20.35%-15.31%31.05%8.06%8.51%41.00%-16.32%
Dividend Yield--19.22%16.19%15.37%13.37%11.35%13.56%11.84%10.57%8.70%6.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,017.00
(-) Cash Dividends Paid (M)1,952.00
(=) Cash Retained (M)2,065.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)803.40502.13301.28
Cash Retained (M)2,065.002,065.002,065.00
(-) Cash Required (M)-803.40-502.13-301.28
(=) Excess Retained (M)1,261.601,562.881,763.73
(/) Shares Outstanding (M)382.72382.72382.72
(=) Excess Retained per Share3.304.084.61
LTM Dividend per Share5.105.105.10
(+) Excess Retained per Share3.304.084.61
(=) Adjusted Dividend8.409.189.71
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate5.50%6.50%7.50%
Fair Value$556.31$1,651.08$2,087.40
Upside / Downside1,996.12%6,121.12%7,765.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,017.004,278.114,556.184,852.335,167.745,503.645,668.75
Payout Ratio48.59%56.87%65.16%73.44%81.72%90.00%92.50%
Projected Dividends (M)1,952.002,433.162,968.633,563.434,223.014,953.275,243.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,250.692,272.022,293.36
Year 2 PV (M)2,540.062,588.442,637.28
Year 3 PV (M)2,820.332,901.302,983.79
Year 4 PV (M)3,091.713,210.613,332.90
Year 5 PV (M)3,354.393,516.413,684.63
PV of Terminal Value (M)86,770.4490,961.4995,312.93
Equity Value (M)100,827.62105,450.26110,244.89
Shares Outstanding (M)382.72382.72382.72
Fair Value$263.45$275.53$288.06
Upside / Downside892.67%938.18%985.38%

High-Yield Dividend Screener

Page 1 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
ARDCAres Dynamic Credit Allocation Fund, Inc.19.91%$2.6577.10%
JGHNuveen Global High Income Fund19.71%$2.4870.08%
BSLBlackstone / GSO Senior Floating Rate Term Fund19.66%$2.6595.83%
RGTRoyce Global Value Trust, Inc.19.58%$2.5637.89%
AIKIAIkido Pharma Inc.19.55%$0.7010.85%
PFNPIMCO Income Strategy Fund II19.43%$1.4672.85%
JLSNuveen Mortgage and Income Fund19.40%$3.5384.31%
ACVVirtus Diversified Income & Convertible Fund19.28%$5.0772.66%
BGBBlackstone/GSO Strategic Credit Fund19.19%$2.2686.72%
PHKPIMCO High Income Fund19.11%$0.9386.61%
DTWDTE Energy Company JR SUB DB 2017 E19.03%$4.0887.19%
EMDWestern Asset Emerging Markets Debt Fund Inc.18.84%$2.0378.17%
SR-PASpire Inc.18.76%$4.5498.60%
SRVNXG Cushing Midstream Energy Fund18.74%$7.5366.75%
CIKCredit Suisse Asset Management Income Fund, Inc.18.41%$0.5282.82%
DHYCredit Suisse High Yield Bond Fund, Inc.18.39%$0.3788.67%
MNRMach Natural Resources LP18.30%$2.0689.28%
PFLPIMCO Income Strategy Fund18.22%$1.5484.57%
EADWells Fargo Advantage Funds - Allspring Income Opportunities Fund18.08%$1.2352.27%
SPESpecial Opportunities Fund, Inc.18.03%$2.6644.19%
AIFApollo Tactical Income Fund Inc.17.93%$2.6660.44%
GABThe Gabelli Equity Trust Inc.17.77%$1.0881.70%
HPFJohn Hancock Preferred Income Fund II17.73%$2.8678.50%
MPVBarings Participation Investors17.65%$2.9395.78%
GBABGuggenheim Taxable Municipal Bond & Investment Grade Debt Trust17.43%$2.5974.37%
TEITempleton Emerging Markets Income Fund17.42%$1.1464.65%
ISDPGIM High Yield Bond Fund, Inc.17.40%$2.5296.64%
HIXWestern Asset High Income Fund II Inc.17.39%$0.7396.11%
NXGNXG NextGen Infrastructure Income Fund17.31%$8.7983.58%
HPIJohn Hancock Preferred Income Fund17.11%$2.7976.40%
RCSPIMCO Strategic Income Fund, Inc.17.08%$1.0075.51%
DUKBDuke Energy Corporation 5.625%16.95%$4.1965.28%
FGBFirst Trust Specialty Finance and Financial Opportunities Fund16.75%$0.7050.91%
RQICohen & Steers Quality Income Realty Fund, Inc.16.75%$1.9287.08%
FPFFirst Trust Intermediate Duration Preferred & Income Fund16.57%$3.0970.83%
EVVEaton Vance Limited Duration Income Fund16.43%$1.6364.70%
AIZNAssurant, Inc. 5.25% Subordinat16.41%$3.2219.47%
NMLNeuberger Berman MLP and Energy Income Fund Inc.16.37%$1.4040.22%
PGPPIMCO Global StocksPLUS & Income Fund16.31%$1.5060.66%
CHWCalamos Global Dynamic Income Fund16.07%$1.2066.54%
BGYBlackRock Enhanced International Dividend Trust15.99%$0.9499.21%
GABBXGabelli Dividend Growth AAA15.98%$2.8540.22%
BDJBlackRock Enhanced Equity Dividend Trust15.90%$1.4972.30%
DSLDoubleLine Income Solutions Fund15.85%$1.7854.50%
PDTJohn Hancock Premium Dividend Fund15.76%$2.0162.66%
TSQTownsquare Media, Inc.15.55%$0.7970.58%
EODWells Fargo Advantage Funds - Allspring Global Dividend Opportunity Fund15.39%$0.9052.51%
LGILazard Global Total Return and Income Fund, Inc.15.37%$2.6882.52%
BSTZBlackRock Science and Technology Trust II15.35%$3.5465.39%
FPIFarmland Partners Inc.15.34%$1.4893.00%