Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Newmark Group, Inc. (NMRK)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$4.23 - $6.60$5.32
Multi-Stage$9.84 - $10.85$10.34
Blended Fair Value$7.83
Current Price$18.65
Upside-58.03%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-21.51%0.00%0.090.090.080.030.100.300.180.430.000.00
YoY Growth---1.34%16.57%135.00%-67.07%-66.54%65.71%-58.92%0.00%0.00%0.00%
Dividend Yield--0.72%0.82%1.08%0.20%0.99%6.96%2.08%2.86%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)103.62
(-) Cash Dividends Paid (M)21.39
(=) Cash Retained (M)82.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)20.7212.957.77
Cash Retained (M)82.2382.2382.23
(-) Cash Required (M)-20.72-12.95-7.77
(=) Excess Retained (M)61.5069.2874.46
(/) Shares Outstanding (M)234.07234.07234.07
(=) Excess Retained per Share0.260.300.32
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.260.300.32
(=) Adjusted Dividend0.350.390.41
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.23$5.32$6.60
Upside / Downside-77.33%-71.48%-64.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)103.62102.58101.56100.5499.5498.54101.50
Payout Ratio20.64%34.52%48.39%62.26%76.13%90.00%92.50%
Projected Dividends (M)21.3935.4149.1462.6075.7888.6993.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)33.0033.3433.67
Year 2 PV (M)42.6943.5644.45
Year 3 PV (M)50.6852.2553.85
Year 4 PV (M)57.1859.5561.99
Year 5 PV (M)62.3865.6269.01
PV of Terminal Value (M)2,057.782,164.932,276.50
Equity Value (M)2,303.712,419.262,539.47
Shares Outstanding (M)234.07234.07234.07
Fair Value$9.84$10.34$10.85
Upside / Downside-47.23%-44.58%-41.83%

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