Definitive Analysis
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Definitive Analysis

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Sector

Ahren Acquisition Corp. (AHRN)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$5.78 - $9.08$7.30
Multi-Stage$13.84 - $15.27$14.54
Blended Fair Value$10.92
Current Price$10.41
Upside4.88%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20222021
DPS0.00%0.00%0.030.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.26%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)22.24
(-) Cash Dividends Paid (M)2.40
(=) Cash Retained (M)19.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.452.781.67
Cash Retained (M)19.8419.8419.84
(-) Cash Required (M)-4.45-2.78-1.67
(=) Excess Retained (M)15.3917.0618.17
(/) Shares Outstanding (M)37.5037.5037.50
(=) Excess Retained per Share0.410.450.48
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.410.450.48
(=) Adjusted Dividend0.470.520.55
WACC / Discount Rate6.04%6.04%6.04%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.78$7.30$9.08
Upside / Downside-44.46%-29.91%-12.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22.2422.0221.8021.5821.3621.1521.78
Payout Ratio10.79%26.64%42.48%58.32%74.16%90.00%92.50%
Projected Dividends (M)2.405.869.2612.5815.8419.0320.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.04%6.04%6.04%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)5.475.535.59
Year 2 PV (M)8.078.238.40
Year 3 PV (M)10.2410.5510.88
Year 4 PV (M)12.0312.5313.04
Year 5 PV (M)13.4914.2014.93
PV of Terminal Value (M)469.70494.16519.63
Equity Value (M)519.01545.20572.46
Shares Outstanding (M)37.5037.5037.50
Fair Value$13.84$14.54$15.27
Upside / Downside32.95%39.66%46.65%

High-Yield Dividend Screener

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