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GSR II Meteora Acquisition Corp. (GSRM)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$6.07 - $8.73$7.37
Multi-Stage$9.88 - $10.85$10.36
Blended Fair Value$8.86
Current Price$3.23
Upside174.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022
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)30.72
(-) Cash Dividends Paid (M)10.12
(=) Cash Retained (M)20.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.143.842.30
Cash Retained (M)20.6020.6020.60
(-) Cash Required (M)-6.14-3.84-2.30
(=) Excess Retained (M)14.4616.7618.30
(/) Shares Outstanding (M)35.7835.7835.78
(=) Excess Retained per Share0.400.470.51
LTM Dividend per Share0.280.280.28
(+) Excess Retained per Share0.400.470.51
(=) Adjusted Dividend0.690.750.79
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$6.07$7.37$8.73
Upside / Downside87.78%128.02%170.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)30.7230.4130.1129.8029.5129.2130.09
Payout Ratio32.94%44.35%55.76%67.17%78.59%90.00%92.50%
Projected Dividends (M)10.1213.4916.7920.0223.1926.2927.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)12.2412.3612.49
Year 2 PV (M)13.8214.1014.39
Year 3 PV (M)14.9615.4215.89
Year 4 PV (M)15.7216.3717.04
Year 5 PV (M)16.1717.0117.89
PV of Terminal Value (M)280.68295.30310.52
Equity Value (M)353.58370.56388.21
Shares Outstanding (M)35.7835.7835.78
Fair Value$9.88$10.36$10.85
Upside / Downside205.97%220.66%235.94%

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