Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TechnipFMC plc (FTI)

Company Dividend Discount ModelIndustry: Oil & Gas Equipment & ServicesSector: Energy

Valuation Snapshot

Stable Growth$13.10 - $18.22$15.66
Multi-Stage$25.48 - $28.12$26.78
Blended Fair Value$21.22
Current Price$39.45
Upside-46.21%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-18.08%-10.17%0.200.100.000.000.140.540.560.140.260.23
YoY Growth--97.47%0.00%0.00%-100.00%-74.57%-2.23%292.90%-45.65%12.97%-60.69%
Dividend Yield--0.63%0.40%0.00%0.00%1.79%9.86%2.79%0.59%0.98%1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)972.60
(-) Cash Dividends Paid (M)83.30
(=) Cash Retained (M)889.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)194.52121.5872.95
Cash Retained (M)889.30889.30889.30
(-) Cash Required (M)-194.52-121.58-72.95
(=) Excess Retained (M)694.78767.73816.36
(/) Shares Outstanding (M)427.58427.58427.58
(=) Excess Retained per Share1.621.801.91
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share1.621.801.91
(=) Adjusted Dividend1.821.992.10
WACC / Discount Rate8.31%8.31%8.31%
Growth Rate-4.90%-3.90%-2.90%
Fair Value$13.10$15.66$18.22
Upside / Downside-66.79%-60.29%-53.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)972.60934.63898.14863.08829.38797.00820.91
Payout Ratio8.56%24.85%41.14%57.43%73.71%90.00%92.50%
Projected Dividends (M)83.30232.27369.48495.63611.36717.30759.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.31%8.31%8.31%
Growth Rate-4.90%-3.90%-2.90%
Year 1 PV (M)212.23214.46216.69
Year 2 PV (M)308.46314.99321.58
Year 3 PV (M)378.07390.12402.43
Year 4 PV (M)426.10444.31463.10
Year 5 PV (M)456.80481.33506.90
PV of Terminal Value (M)9,113.849,603.2210,113.39
Equity Value (M)10,895.5011,448.4212,024.08
Shares Outstanding (M)427.58427.58427.58
Fair Value$25.48$26.78$28.12
Upside / Downside-35.41%-32.13%-28.72%

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