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Definitive Analysis

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Page: Dividend Discount Model

The Toronto-Dominion Bank NCUM 5Y PFD SR18

Ticker: TD-PFJ.TO | Industry: Banks | Sector: Financial Services
$25.95 +0.17 (0.66%)
As of: 2026-01-23

Master Data Export


Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$243.77 - $624.59$360.57
Multi-Stage DDM$73.93 - $80.81$77.31
Blended Fair Value$218.94
Stock Price$26.55

Dividend History (Last 10 Years)

Metric2024202320222021202020192018201720162015
DPS4.0683.1933.6753.0522.0232.8222.5192.2702.0511.858
YoY %27.42%-13.12%20.42%50.83%-28.30%12.03%10.96%10.70%10.41%7.52%
Yield15.323%12.026%13.842%11.495%7.621%10.630%9.488%8.551%7.724%6.996%

CAGRValue
5 Year7.59%
10 Year8.94%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth5.50% to 7.50%6.50%
WACC9.00%9.00%
Fair Value$243.77 - $624.59$360.57

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income8,842.008,842.008,842.00
(=) Cash Required1,768.401,105.25663.15
Cash Retained8,842.008,842.008,842.00
(-) Cash Required-1,768.40-1,105.25-663.15
(=) Excess Retained7,073.607,736.758,178.85
(/) Shares Outstanding1,760,000,0001,760,000,0001,760,000,000
(=) Excess Retained per Share4.024.404.65
LTM Dividend per Share4.0684.0684.068
(+) Excess Retained per Share4.024.404.65
(=) Adjusted Dividend8.0878.4648.715

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income8,842.009,416.7310,028.8210,680.6911,374.9412,114.31
Payout Ratio81.0%25.0%41.0%57.0%73.0%90.0%
Projected Dividends7,160.002,354.184,111.826,087.998,303.7010,902.88

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV2,233.732,254.902,276.07
Year 2 PV3,545.683,613.223,681.39
Year 3 PV4,771.084,908.045,047.60
Year 4 PV5,914.126,141.576,375.50
Year 5 PV7,057.267,398.137,752.04
TV PV106,594.14111,742.68117,088.26
Equity Value130,116.01136,058.52142,220.86
Fair Value$73.93$77.31$80.81
Stock Price$26.55$26.55$26.55

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