Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Polar Capital Holdings plc (POLR.L)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$15.80 - $33.97$22.54
Multi-Stage$12.05 - $13.13$12.58
Blended Fair Value$17.56
Current Price$4.80
Upside265.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.69%6.85%0.450.450.460.440.330.310.280.230.230.23
YoY Growth--0.17%-0.34%2.49%36.02%4.08%12.38%18.95%1.71%2.16%-3.57%
Dividend Yield--10.65%10.13%10.06%7.16%4.70%8.16%5.37%4.57%6.62%6.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)80.91
(-) Cash Dividends Paid (M)44.33
(=) Cash Retained (M)36.58
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.1810.116.07
Cash Retained (M)36.5836.5836.58
(-) Cash Required (M)-16.18-10.11-6.07
(=) Excess Retained (M)20.3926.4630.51
(/) Shares Outstanding (M)97.6397.6397.63
(=) Excess Retained per Share0.210.270.31
LTM Dividend per Share0.450.450.45
(+) Excess Retained per Share0.210.270.31
(=) Adjusted Dividend0.660.730.77
WACC / Discount Rate9.93%9.93%9.93%
Growth Rate5.50%6.50%7.50%
Fair Value$15.80$22.54$33.97
Upside / Downside229.23%369.62%607.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)80.9186.1791.7797.73104.09110.85114.18
Payout Ratio54.79%61.84%68.88%75.92%82.96%90.00%92.50%
Projected Dividends (M)44.3353.2863.2174.2086.3599.77105.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.93%9.93%9.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)48.0248.4748.93
Year 2 PV (M)51.3352.3153.29
Year 3 PV (M)54.3055.8657.45
Year 4 PV (M)56.9559.1461.39
Year 5 PV (M)59.2962.1665.13
PV of Terminal Value (M)906.27950.05995.49
Equity Value (M)1,176.151,227.971,281.68
Shares Outstanding (M)97.6397.6397.63
Fair Value$12.05$12.58$13.13
Upside / Downside150.98%162.03%173.49%

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