Definitive Analysis
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Lazard International Strategic Equity Ptf Open Shares (LISOX)

Company Dividend Discount ModelIndustry: Sector:

Valuation Snapshot

Stable Growth$2.56 - $3.68$3.11
Multi-Stage$4.19 - $4.60$4.39
Blended Fair Value$3.75
Current Price$15.40
Upside-75.65%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%3.38%0.130.250.160.150.100.000.090.080.100.11
YoY Growth---46.24%50.95%8.13%57.74%0.00%-100.00%2.96%-14.37%-10.63%14.47%
Dividend Yield--0.87%1.70%1.09%0.87%0.82%0.00%0.54%0.63%0.73%0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)39.55
(-) Cash Dividends Paid (M)14.58
(=) Cash Retained (M)24.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.914.942.97
Cash Retained (M)24.9724.9724.97
(-) Cash Required (M)-7.91-4.94-2.97
(=) Excess Retained (M)17.0620.0322.00
(/) Shares Outstanding (M)109.22109.22109.22
(=) Excess Retained per Share0.160.180.20
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share0.160.180.20
(=) Adjusted Dividend0.290.320.33
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.56$3.11$3.68
Upside / Downside-83.39%-79.83%-76.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)39.5539.1638.7738.3838.0037.6238.74
Payout Ratio36.87%47.49%58.12%68.75%79.37%90.00%92.50%
Projected Dividends (M)14.5818.6022.5326.3930.1633.8535.84

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)16.8817.0517.22
Year 2 PV (M)18.5518.9319.32
Year 3 PV (M)19.7120.3220.94
Year 4 PV (M)20.4421.2922.16
Year 5 PV (M)20.8221.9023.03
PV of Terminal Value (M)361.44380.26399.86
Equity Value (M)457.84479.75502.53
Shares Outstanding (M)109.22109.22109.22
Fair Value$4.19$4.39$4.60
Upside / Downside-72.78%-71.48%-70.12%

High-Yield Dividend Screener

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