Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

F&G Annuities & Life, Inc. (FG)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$104.37 - $418.66$178.15
Multi-Stage$65.28 - $71.35$68.26
Blended Fair Value$123.21
Current Price$31.27
Upside294.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS68.15%0.00%0.910.760.000.000.000.070.000.000.000.00
YoY Growth--19.80%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.53%1.88%0.00%0.00%0.00%0.41%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)464.00
(-) Cash Dividends Paid (M)131.00
(=) Cash Retained (M)333.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)92.8058.0034.80
Cash Retained (M)333.00333.00333.00
(-) Cash Required (M)-92.80-58.00-34.80
(=) Excess Retained (M)240.20275.00298.20
(/) Shares Outstanding (M)132.50132.50132.50
(=) Excess Retained per Share1.812.082.25
LTM Dividend per Share0.990.990.99
(+) Excess Retained per Share1.812.082.25
(=) Adjusted Dividend2.803.063.24
WACC / Discount Rate8.33%8.33%8.33%
Growth Rate5.50%6.50%7.50%
Fair Value$104.37$178.15$418.66
Upside / Downside233.78%469.73%1,238.86%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)464.00494.16526.28560.49596.92635.72654.79
Payout Ratio28.23%40.59%52.94%65.29%77.65%90.00%92.50%
Projected Dividends (M)131.00200.56278.61365.96463.49572.15605.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.33%8.33%8.33%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)183.40185.14186.87
Year 2 PV (M)232.97237.40241.88
Year 3 PV (M)279.82287.85296.04
Year 4 PV (M)324.06336.52349.34
Year 5 PV (M)365.80383.47401.81
PV of Terminal Value (M)7,262.937,613.737,977.96
Equity Value (M)8,648.979,044.119,453.90
Shares Outstanding (M)132.50132.50132.50
Fair Value$65.28$68.26$71.35
Upside / Downside108.75%118.28%128.17%

High-Yield Dividend Screener

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