Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bullpen Parlay Acquisition Company (BPAC)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$5.48 - $8.49$6.87
Multi-Stage$12.50 - $13.76$13.12
Blended Fair Value$9.99
Current Price$10.42
Upside-4.08%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20222021
DPS0.00%0.00%92.670.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--889.38%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)15.98
(-) Cash Dividends Paid (M)5.77
(=) Cash Retained (M)10.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.202.001.20
Cash Retained (M)10.2110.2110.21
(-) Cash Required (M)-3.20-2.00-1.20
(=) Excess Retained (M)7.028.219.01
(/) Shares Outstanding (M)27.3127.3127.31
(=) Excess Retained per Share0.260.300.33
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.260.300.33
(=) Adjusted Dividend0.470.510.54
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.48$6.87$8.49
Upside / Downside-47.44%-34.05%-18.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)15.9815.8215.6615.5015.3515.2015.65
Payout Ratio36.09%46.87%57.66%68.44%79.22%90.00%92.50%
Projected Dividends (M)5.777.429.0310.6112.1613.6814.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)6.906.977.04
Year 2 PV (M)7.827.988.14
Year 3 PV (M)8.558.829.08
Year 4 PV (M)9.129.509.89
Year 5 PV (M)9.5410.0410.56
PV of Terminal Value (M)299.37314.96331.19
Equity Value (M)341.30358.26375.90
Shares Outstanding (M)27.3127.3127.31
Fair Value$12.50$13.12$13.76
Upside / Downside19.92%25.88%32.08%

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