Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Aries I Acquisition Corporation (RAM)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$10.77 - $16.70$13.52
Multi-Stage$23.94 - $26.41$25.15
Blended Fair Value$19.33
Current Price$10.27
Upside88.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2021
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)20.67
(-) Cash Dividends Paid (M)0.50
(=) Cash Retained (M)20.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.132.581.55
Cash Retained (M)20.1720.1720.17
(-) Cash Required (M)-4.13-2.58-1.55
(=) Excess Retained (M)16.0317.5818.62
(/) Shares Outstanding (M)17.9717.9717.97
(=) Excess Retained per Share0.890.981.04
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.890.981.04
(=) Adjusted Dividend0.921.011.06
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-2.00%-1.00%0.00%
Fair Value$10.77$13.52$16.70
Upside / Downside4.90%31.63%62.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20.6720.4620.2620.0619.8619.6620.25
Payout Ratio2.44%19.95%37.46%54.97%72.49%90.00%92.50%
Projected Dividends (M)0.504.087.5911.0314.3917.6918.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3.803.843.88
Year 2 PV (M)6.576.716.84
Year 3 PV (M)8.899.169.44
Year 4 PV (M)10.7911.2411.70
Year 5 PV (M)12.3512.9913.66
PV of Terminal Value (M)387.75407.94428.96
Equity Value (M)430.15451.88474.49
Shares Outstanding (M)17.9717.9717.97
Fair Value$23.94$25.15$26.41
Upside / Downside133.09%144.87%157.12%

High-Yield Dividend Screener

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