Definitive Analysis
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Definitive Analysis

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Sector

Iconic Sports Acquisition Corp. (ICNC-UN)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$4.92 - $7.75$6.21
Multi-Stage$12.12 - $13.36$12.73
Blended Fair Value$9.47
Current Price$10.65
Upside-11.07%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20222021
DPS0.00%0.00%0.090.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.82%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)18.57
(-) Cash Dividends Paid (M)5.63
(=) Cash Retained (M)12.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.712.321.39
Cash Retained (M)12.9412.9412.94
(-) Cash Required (M)-3.71-2.32-1.39
(=) Excess Retained (M)9.2210.6111.54
(/) Shares Outstanding (M)37.1437.1437.14
(=) Excess Retained per Share0.250.290.31
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.250.290.31
(=) Adjusted Dividend0.400.440.46
WACC / Discount Rate5.97%5.97%5.97%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.92$6.21$7.75
Upside / Downside-53.82%-41.66%-27.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)18.5718.3818.2018.0217.8417.6618.19
Payout Ratio30.34%42.27%54.20%66.14%78.07%90.00%92.50%
Projected Dividends (M)5.637.779.8611.9213.9315.8916.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.97%5.97%5.97%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7.267.337.41
Year 2 PV (M)8.618.788.96
Year 3 PV (M)9.7110.0110.32
Year 4 PV (M)10.6011.0411.49
Year 5 PV (M)11.3011.8912.51
PV of Terminal Value (M)402.72423.69445.53
Equity Value (M)450.21472.76496.22
Shares Outstanding (M)37.1437.1437.14
Fair Value$12.12$12.73$13.36
Upside / Downside13.83%19.53%25.46%

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