Definitive Analysis
Definitive Analysis

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Perella Weinberg Partners (PWP)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$3.84 - $5.45$4.63
Multi-Stage$6.25 - $6.84$6.54
Blended Fair Value$5.59
Current Price$21.32
Upside-73.80%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.250.340.710.890.150.000.000.000.000.00
YoY Growth---25.75%-52.33%-20.34%499.89%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.37%2.38%7.80%9.43%1.33%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)46.86
(-) Cash Dividends Paid (M)32.64
(=) Cash Retained (M)14.22
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.375.863.51
Cash Retained (M)14.2214.2214.22
(-) Cash Required (M)-9.37-5.86-3.51
(=) Excess Retained (M)4.858.3610.70
(/) Shares Outstanding (M)80.6880.6880.68
(=) Excess Retained per Share0.060.100.13
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.060.100.13
(=) Adjusted Dividend0.460.510.54
WACC / Discount Rate9.85%9.85%9.85%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.84$4.63$5.45
Upside / Downside-81.99%-78.26%-74.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)46.8646.3945.9245.4645.0144.5645.90
Payout Ratio69.65%73.72%77.79%81.86%85.93%90.00%92.50%
Projected Dividends (M)32.6434.2035.7237.2238.6840.1042.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.85%9.85%9.85%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)30.8231.1331.44
Year 2 PV (M)29.0129.6030.20
Year 3 PV (M)27.2328.0728.93
Year 4 PV (M)25.5026.5627.65
Year 5 PV (M)23.8325.0726.36
PV of Terminal Value (M)367.96387.12407.07
Equity Value (M)504.34527.55551.65
Shares Outstanding (M)80.6880.6880.68
Fair Value$6.25$6.54$6.84
Upside / Downside-70.68%-69.33%-67.93%

High-Yield Dividend Screener

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