Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

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Sector

SciPlay Corporation (SCPL)

Company Dividend Discount ModelIndustry: Electronic Gaming & MultimediaSector: Technology

Valuation Snapshot

Stable Growth$42.85 - $62.37$52.30
Multi-Stage$71.73 - $78.89$75.24
Blended Fair Value$63.77
Current Price$19.68
Upside224.02%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202220212020201920182017
DPS-5.22%0.00%1.001.290.5313.440.001.300.000.000.000.00
YoY Growth---23.00%141.94%-96.02%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.87%10.01%3.30%140.98%0.00%8.54%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)133.90
(-) Cash Dividends Paid (M)23.30
(=) Cash Retained (M)110.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.7816.7410.04
Cash Retained (M)110.60110.60110.60
(-) Cash Required (M)-26.78-16.74-10.04
(=) Excess Retained (M)83.8293.86100.56
(/) Shares Outstanding (M)23.2023.2023.20
(=) Excess Retained per Share3.614.054.33
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share3.614.054.33
(=) Adjusted Dividend4.625.055.34
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate-2.00%-1.00%0.00%
Fair Value$42.85$52.30$62.37
Upside / Downside117.73%165.73%216.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)133.90132.56131.24129.92128.62127.34131.16
Payout Ratio17.40%31.92%46.44%60.96%75.48%90.00%92.50%
Projected Dividends (M)23.3042.3160.9579.2097.09114.60121.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)38.5838.9839.37
Year 2 PV (M)50.6751.7152.76
Year 3 PV (M)60.0561.9063.80
Year 4 PV (M)67.1269.9072.77
Year 5 PV (M)72.2476.0179.92
PV of Terminal Value (M)1,375.441,447.071,521.64
Equity Value (M)1,664.111,745.571,830.27
Shares Outstanding (M)23.2023.2023.20
Fair Value$71.73$75.24$78.89
Upside / Downside264.48%282.32%300.87%

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