Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

EUWAX Gold II (EWG2.SG)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$8.75 - $13.02$10.79
Multi-Stage$17.21 - $18.88$18.03
Blended Fair Value$14.41
Current Price$57.80
Upside-75.07%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS-5.32%-9.94%1.142.710.810.770.891.501.951.441.622.34
YoY Growth---57.96%232.51%6.49%-14.35%-40.33%-23.08%35.45%-11.05%-30.94%-27.87%
Dividend Yield--1.93%4.72%1.70%1.59%2.01%3.36%4.37%3.23%3.63%5.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5.58
(-) Cash Dividends Paid (M)4.28
(=) Cash Retained (M)1.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.120.700.42
Cash Retained (M)1.301.301.30
(-) Cash Required (M)-1.12-0.70-0.42
(=) Excess Retained (M)0.180.600.88
(/) Shares Outstanding (M)5.175.175.17
(=) Excess Retained per Share0.040.120.17
LTM Dividend per Share0.830.830.83
(+) Excess Retained per Share0.040.120.17
(=) Adjusted Dividend0.860.941.00
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.75$10.79$13.02
Upside / Downside-84.86%-81.34%-77.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5.585.535.475.425.365.315.47
Payout Ratio76.69%79.35%82.01%84.68%87.34%90.00%92.50%
Projected Dividends (M)4.284.394.494.594.684.785.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4.034.074.11
Year 2 PV (M)3.793.873.95
Year 3 PV (M)3.563.683.79
Year 4 PV (M)3.353.493.63
Year 5 PV (M)3.143.303.47
PV of Terminal Value (M)71.1374.8478.70
Equity Value (M)89.0193.2597.65
Shares Outstanding (M)5.175.175.17
Fair Value$17.21$18.03$18.88
Upside / Downside-70.22%-68.80%-67.33%

High-Yield Dividend Screener

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