Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Haymaker Acquisition Corp. III (HYAC)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$3.04 - $4.31$3.67
Multi-Stage$4.67 - $5.12$4.89
Blended Fair Value$4.28
Current Price$11.34
Upside-62.28%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320212019
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%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)15.46
(-) Cash Dividends Paid (M)5.78
(=) Cash Retained (M)9.68
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.091.931.16
Cash Retained (M)9.689.689.68
(-) Cash Required (M)-3.09-1.93-1.16
(=) Excess Retained (M)6.587.748.52
(/) Shares Outstanding (M)33.2333.2333.23
(=) Excess Retained per Share0.200.230.26
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.200.230.26
(=) Adjusted Dividend0.370.410.43
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.04$3.67$4.31
Upside / Downside-73.18%-67.67%-62.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)15.4615.3115.1515.0014.8514.7015.14
Payout Ratio37.41%47.93%58.45%68.97%79.48%90.00%92.50%
Projected Dividends (M)5.787.348.8610.3511.8013.2314.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)6.606.676.74
Year 2 PV (M)7.177.327.47
Year 3 PV (M)7.547.778.01
Year 4 PV (M)7.748.068.39
Year 5 PV (M)7.818.228.64
PV of Terminal Value (M)118.26124.42130.83
Equity Value (M)155.13162.47170.09
Shares Outstanding (M)33.2333.2333.23
Fair Value$4.67$4.89$5.12
Upside / Downside-58.83%-56.89%-54.86%

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