Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tetragon Financial Group Limited (TFG.AS)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$182.15 - $410.26$264.11
Multi-Stage$247.11 - $271.62$259.13
Blended Fair Value$261.62
Current Price$16.05
Upside1,530.03%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-13.50%-14.46%0.240.250.260.260.340.490.520.520.750.94
YoY Growth---6.87%-2.10%-1.65%-21.17%-31.47%-5.68%0.64%-31.09%-20.07%-17.20%
Dividend Yield--1.60%2.60%2.49%2.95%3.42%6.65%4.00%3.98%6.11%9.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)857.45
(-) Cash Dividends Paid (M)28.45
(=) Cash Retained (M)829.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)171.49107.1864.31
Cash Retained (M)829.00829.00829.00
(-) Cash Required (M)-171.49-107.18-64.31
(=) Excess Retained (M)657.51721.82764.69
(/) Shares Outstanding (M)91.5891.5891.58
(=) Excess Retained per Share7.187.888.35
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share7.187.888.35
(=) Adjusted Dividend7.498.198.66
WACC / Discount Rate6.25%6.25%6.25%
Growth Rate2.05%3.05%4.05%
Fair Value$182.15$264.11$410.26
Upside / Downside1,034.89%1,545.57%2,456.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)857.45883.59910.54938.30966.91996.391,026.28
Payout Ratio3.32%20.65%37.99%55.33%72.66%90.00%92.50%
Projected Dividends (M)28.45182.50345.92519.13702.59896.75949.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.25%6.25%6.25%
Growth Rate2.05%3.05%4.05%
Year 1 PV (M)170.11171.77173.44
Year 2 PV (M)300.53306.44312.42
Year 3 PV (M)420.38432.86445.58
Year 4 PV (M)530.29551.39573.10
Year 5 PV (M)630.87662.39695.16
PV of Terminal Value (M)20,576.5621,604.6822,673.50
Equity Value (M)22,628.7323,729.5424,873.21
Shares Outstanding (M)91.5891.5891.58
Fair Value$247.11$259.13$271.62
Upside / Downside1,439.60%1,514.50%1,592.31%

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