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Pershing Square Holdings, Ltd. (PSH.AS)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$104.89 - $155.95$129.24
Multi-Stage$190.76 - $210.14$200.26
Blended Fair Value$164.75
Current Price$47.65
Upside245.75%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.08%0.00%0.570.530.500.430.440.470.000.000.000.00
YoY Growth--8.49%5.91%17.10%-1.83%-7.53%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.21%1.14%1.45%1.04%1.24%2.46%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,416.72
(-) Cash Dividends Paid (M)156.56
(=) Cash Retained (M)2,260.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)483.34302.09181.25
Cash Retained (M)2,260.172,260.172,260.17
(-) Cash Required (M)-483.34-302.09-181.25
(=) Excess Retained (M)1,776.821,958.082,078.91
(/) Shares Outstanding (M)186.45186.45186.45
(=) Excess Retained per Share9.5310.5011.15
LTM Dividend per Share0.840.840.84
(+) Excess Retained per Share9.5310.5011.15
(=) Adjusted Dividend10.3711.3411.99
WACC / Discount Rate7.69%7.69%7.69%
Growth Rate-2.00%-1.00%0.00%
Fair Value$104.89$129.24$155.95
Upside / Downside120.13%171.22%227.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,416.722,392.562,368.632,344.942,321.492,298.282,367.23
Payout Ratio6.48%23.18%39.89%56.59%73.30%90.00%92.50%
Projected Dividends (M)156.56554.65944.771,327.031,701.552,068.452,189.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.69%7.69%7.69%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)509.85515.06520.26
Year 2 PV (M)798.32814.69831.23
Year 3 PV (M)1,030.751,062.631,095.15
Year 4 PV (M)1,214.901,265.251,317.15
Year 5 PV (M)1,357.581,428.271,501.88
PV of Terminal Value (M)30,656.3332,252.6833,914.84
Equity Value (M)35,567.7337,338.5739,180.52
Shares Outstanding (M)186.45186.45186.45
Fair Value$190.76$200.26$210.14
Upside / Downside300.34%320.27%341.00%

High-Yield Dividend Screener

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