Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Figure Technology Solutions, Inc. Class A Common Stock (FIGR)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$1.86 - $2.64$2.24
Multi-Stage$2.76 - $3.03$2.89
Blended Fair Value$2.57
Current Price$36.37
Upside-92.94%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023
DPS0.00%0.00%0.010.000.000.000.000.000.000.000.000.00
YoY Growth--713.62%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.02%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)133.04
(-) Cash Dividends Paid (M)2.95
(=) Cash Retained (M)130.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.6116.639.98
Cash Retained (M)130.09130.09130.09
(-) Cash Required (M)-26.61-16.63-9.98
(=) Excess Retained (M)103.48113.46120.11
(/) Shares Outstanding (M)481.19481.19481.19
(=) Excess Retained per Share0.220.240.25
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.220.240.25
(=) Adjusted Dividend0.220.240.26
WACC / Discount Rate9.68%9.68%9.68%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.86$2.24$2.64
Upside / Downside-94.90%-93.83%-92.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)133.04131.71130.39129.09127.80126.52130.32
Payout Ratio2.22%19.77%37.33%54.89%72.44%90.00%92.50%
Projected Dividends (M)2.9526.0448.6870.8592.58113.87120.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.68%9.68%9.68%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)23.5123.7523.99
Year 2 PV (M)39.6540.4741.29
Year 3 PV (M)52.0953.7155.35
Year 4 PV (M)61.4463.9866.61
Year 5 PV (M)68.2071.7575.45
PV of Terminal Value (M)1,081.431,137.751,196.38
Equity Value (M)1,326.331,391.401,459.06
Shares Outstanding (M)481.19481.19481.19
Fair Value$2.76$2.89$3.03
Upside / Downside-92.42%-92.05%-91.66%

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