Definitive Analysis
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Definitive Analysis

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Sector

Aries I Acquisition Corporation (RAM)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$9.20 - $13.64$11.32
Multi-Stage$16.43 - $18.10$17.25
Blended Fair Value$14.29
Current Price$10.27
Upside39.11%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2021
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)20.67
(-) Cash Dividends Paid (M)0.50
(=) Cash Retained (M)20.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.132.581.55
Cash Retained (M)20.1720.1720.17
(-) Cash Required (M)-4.13-2.58-1.55
(=) Excess Retained (M)16.0317.5818.62
(/) Shares Outstanding (M)17.9717.9717.97
(=) Excess Retained per Share0.890.981.04
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.890.981.04
(=) Adjusted Dividend0.921.011.06
WACC / Discount Rate7.80%7.80%7.80%
Growth Rate-2.00%-1.00%0.00%
Fair Value$9.20$11.32$13.64
Upside / Downside-10.39%10.26%32.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20.6720.4620.2620.0619.8619.6620.25
Payout Ratio2.44%19.95%37.46%54.97%72.49%90.00%92.50%
Projected Dividends (M)0.504.087.5911.0314.3917.6918.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.80%7.80%7.80%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3.753.793.82
Year 2 PV (M)6.406.536.66
Year 3 PV (M)8.548.809.07
Year 4 PV (M)10.2310.6611.09
Year 5 PV (M)11.5512.1512.78
PV of Terminal Value (M)254.75268.01281.82
Equity Value (M)295.22309.94325.26
Shares Outstanding (M)17.9717.9717.97
Fair Value$16.43$17.25$18.10
Upside / Downside59.97%67.95%76.25%

High-Yield Dividend Screener

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