Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TechnipFMC plc (FTI)

Company Dividend Discount ModelIndustry: Oil & Gas Equipment & ServicesSector: Energy

Valuation Snapshot

Stable Growth$12.02 - $16.48$14.28
Multi-Stage$20.52 - $22.62$21.55
Blended Fair Value$17.91
Current Price$39.45
Upside-54.59%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-18.08%-10.17%0.200.100.000.000.140.540.560.140.260.23
YoY Growth--97.47%0.00%0.00%-100.00%-74.57%-2.23%292.90%-45.65%12.97%-60.69%
Dividend Yield--0.63%0.40%0.00%0.00%1.79%9.86%2.79%0.59%0.98%1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)972.60
(-) Cash Dividends Paid (M)83.30
(=) Cash Retained (M)889.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)194.52121.5872.95
Cash Retained (M)889.30889.30889.30
(-) Cash Required (M)-194.52-121.58-72.95
(=) Excess Retained (M)694.78767.73816.36
(/) Shares Outstanding (M)427.58427.58427.58
(=) Excess Retained per Share1.621.801.91
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share1.621.801.91
(=) Adjusted Dividend1.821.992.10
WACC / Discount Rate9.49%9.49%9.49%
Growth Rate-4.90%-3.90%-2.90%
Fair Value$12.02$14.28$16.48
Upside / Downside-69.53%-63.81%-58.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)972.60934.63898.14863.08829.38797.00820.91
Payout Ratio8.56%24.85%41.14%57.43%73.71%90.00%92.50%
Projected Dividends (M)83.30232.27369.48495.63611.36717.30759.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.49%9.49%9.49%
Growth Rate-4.90%-3.90%-2.90%
Year 1 PV (M)209.93212.14214.34
Year 2 PV (M)301.82308.20314.65
Year 3 PV (M)365.92377.59389.50
Year 4 PV (M)407.95425.38443.37
Year 5 PV (M)432.60455.83480.05
PV of Terminal Value (M)7,054.957,433.777,828.69
Equity Value (M)8,773.179,212.919,670.60
Shares Outstanding (M)427.58427.58427.58
Fair Value$20.52$21.55$22.62
Upside / Downside-47.99%-45.38%-42.67%

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