Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Doric Nimrod Air Three Limited (DNA3.L)

Company Dividend Discount ModelIndustry: Rental & Leasing ServicesSector: Industrials

Valuation Snapshot

Stable Growth$4.06 - $6.33$5.10
Multi-Stage$9.66 - $10.63$10.14
Blended Fair Value$7.62
Current Price$0.63
Upside1,109.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%0.080.080.080.080.080.080.080.080.080.08
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--13.10%15.87%16.34%19.64%20.63%23.57%9.65%8.17%8.01%8.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)93.33
(-) Cash Dividends Paid (M)45.38
(=) Cash Retained (M)47.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.6711.677.00
Cash Retained (M)47.9647.9647.96
(-) Cash Required (M)-18.67-11.67-7.00
(=) Excess Retained (M)29.2936.2940.96
(/) Shares Outstanding (M)220.00220.00220.00
(=) Excess Retained per Share0.130.160.19
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.130.160.19
(=) Adjusted Dividend0.340.370.39
WACC / Discount Rate6.20%6.20%6.20%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.06$5.10$6.33
Upside / Downside543.74%710.05%904.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)93.3392.4091.4890.5689.6688.7691.42
Payout Ratio48.62%56.89%65.17%73.45%81.72%90.00%92.50%
Projected Dividends (M)45.3852.5759.6266.5173.2779.8884.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.20%6.20%6.20%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)49.0049.5050.00
Year 2 PV (M)51.7952.8653.93
Year 3 PV (M)53.8655.5357.23
Year 4 PV (M)55.3157.6059.96
Year 5 PV (M)56.2059.1362.18
PV of Terminal Value (M)1,858.541,955.322,056.09
Equity Value (M)2,124.712,229.932,339.39
Shares Outstanding (M)220.00220.00220.00
Fair Value$9.66$10.14$10.63
Upside / Downside1,432.98%1,508.90%1,587.87%

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