Data · Undervalued Scorecard · monthly
Undervalued Dividend Stocks Scorecard, September 2026
Preliminary · Period 2026-09-01 to 2026-10-01 · Generated September 23, 2026 · updates daily until the period closes
Abstract
Of 2,685 listed dividend payers with a fair-value estimate as of 2026-09-23, 1,422 (53%) trade below fair value, 586 (22%) near it, and 677 (25%) above it.
547 of the undervalued names also hold a dividend safety score of 75 or higher, the intersection this note calls cheap and safe.
The mean upside to fair value among undervalued names is 73%.
Key figures
- Payers with a fair-value estimate
- 2,685
- Below fair value
- 53%
- 1,422
- Cheap and safe
- 547
- undervalued and safety ≥ 75
- Mean upside, undervalued names
- 73%
1.Fifteen cheap-and-safe names, largest upside first
| Ticker | Company | Sector | Price | Fair value | Upside | Safety | Yield |
|---|---|---|---|---|---|---|---|
| MBIN | Merchants Bancorp | Financial Services | $52.07 | $175.75 | +238% | A | 0.8% |
| LAD | Lithia Motors, Inc. | Consumer Cyclical | $316.27 | $1045.15 | +230% | A | 0.9% |
| NNI | Nelnet, Inc. | Financial Services | $126.07 | $378.29 | +200% | A | 1.1% |
| WLKP | Westlake Chemical Partners LP | Basic Materials | $21.22 | $61.74 | +191% | A | 8.9% |
| PRG | PROG Holdings, Inc. | Industrials | $35.48 | $100.98 | +185% | A | 1.6% |
| OPY | Oppenheimer Holdings Inc. | Financial Services | $115.17 | $317.98 | +176% | A | 0.7% |
| HCC | Warrior Met Coal, Inc. | Basic Materials | $87.93 | $240.32 | +173% | A | 0.4% |
| PJT | PJT Partners Inc. | Financial Services | $151.47 | $410.61 | +171% | A | 0.7% |
| LOB | Live Oak Bancshares, Inc. | Financial Services | $38.25 | $100.93 | +164% | A | 0.3% |
| GHC | Graham Holdings Company | Industrials | $1143.43 | $2991.92 | +162% | A | 0.7% |
| CIVB | Civista Bancshares, Inc. | Financial Services | $27.29 | $71.29 | +161% | A | 2.7% |
| WSFS | WSFS Financial Corporation | Financial Services | $78.80 | $205.73 | +161% | A | 1.0% |
| PEO | Adams Natural Resources Fund, Inc. | Financial Services | $28.59 | $74.23 | +160% | A | 7.6% |
| HFWA | Heritage Financial Corporation | Financial Services | $28.19 | $71.87 | +155% | A | 3.6% |
| GPK | Graphic Packaging Holding Company | Consumer Cyclical | $9.31 | $23.69 | +154% | B | 4.8% |
Market cap of $500M or more.
2.Share below fair value, by sector
| Sector | Payers | Median yield | Below fair value | Median safety score |
|---|---|---|---|---|
| Financial Services | 991 | 4.3% | 71% | 71 |
| Industrials | 289 | 1.6% | 34% | 84 |
| Real Estate | 216 | 5.6% | 37% | 60 |
| Consumer Cyclical | 203 | 2.6% | 48% | 73 |
| Energy | 162 | 3.6% | 49% | 62 |
| Technology | 148 | 1.4% | 34% | 82 |
| Basic Materials | 124 | 1.5% | 29% | 69 |
| Utilities | 111 | 4.0% | 29% | 85 |
| Consumer Defensive | 98 | 3.4% | 48% | 77 |
| Healthcare | 85 | 1.7% | 47% | 83 |
| Communication Services | 73 | 3.5% | 60% | 62 |
Method and definitions
- Fair value blends a discounted cash flow model, a dividend discount model and an earnings-multiple estimate; a name is undervalued when price is below the blended estimate by more than the model's margin of safety. The safety score (0–100) weighs payout coverage, free cash flow, balance sheet, growth history and yield versus its own history.
- This scorecard is a snapshot as of 2026-09-23 for September 2026; it is not a recommendation.
Cite this note
SmarterDividends (2026). Undervalued Dividend Stocks Scorecard, September 2026. https://smarterdividends.com/data/undervalued-scorecard/2026-09
Free to quote and reproduce with attribution and a link to this page.
For informational purposes only; not investment advice.