Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Lazard Emerging Markets Equity Portfolio (LZOEX)

Company Dividend Discount ModelIndustry: Sector:

Valuation Snapshot

Stable Growth$0.44 - $0.63$0.53
Multi-Stage$0.70 - $0.77$0.74
Blended Fair Value$0.63
Current Price$17.76
Upside-96.43%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%3.38%0.020.040.030.030.020.000.020.010.020.02
YoY Growth---46.24%50.95%8.13%57.74%0.00%-100.00%2.96%-14.37%-10.63%14.47%
Dividend Yield--0.13%0.27%0.16%0.14%0.13%0.00%0.07%0.08%0.12%0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)39.55
(-) Cash Dividends Paid (M)14.58
(=) Cash Retained (M)24.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.914.942.97
Cash Retained (M)24.9724.9724.97
(-) Cash Required (M)-7.91-4.94-2.97
(=) Excess Retained (M)17.0620.0322.00
(/) Shares Outstanding (M)617.26617.26617.26
(=) Excess Retained per Share0.030.030.04
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.030.030.04
(=) Adjusted Dividend0.050.060.06
WACC / Discount Rate9.42%9.42%9.42%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.44$0.53$0.63
Upside / Downside-97.52%-97.00%-96.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)39.5539.1638.7738.3838.0037.6238.74
Payout Ratio36.87%47.49%58.12%68.75%79.37%90.00%92.50%
Projected Dividends (M)14.5818.6022.5326.3930.1633.8535.84

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.42%9.42%9.42%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)16.8317.0017.17
Year 2 PV (M)18.4418.8219.20
Year 3 PV (M)19.5420.1420.76
Year 4 PV (M)20.2021.0421.90
Year 5 PV (M)20.5121.5822.70
PV of Terminal Value (M)338.20355.81374.15
Equity Value (M)433.72454.39475.87
Shares Outstanding (M)617.26617.26617.26
Fair Value$0.70$0.74$0.77
Upside / Downside-96.04%-95.86%-95.66%

High-Yield Dividend Screener

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