Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

RE/MAX Holdings, Inc. (RMAX)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$2.82 - $3.80$3.32
Multi-Stage$4.94 - $5.46$5.19
Blended Fair Value$4.26
Current Price$9.43
Upside-54.83%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-47.54%-14.59%0.030.680.910.890.820.750.710.640.531.20
YoY Growth---95.58%-25.48%1.98%9.04%8.49%5.37%11.83%20.94%-55.93%727.40%
Dividend Yield--0.36%8.27%4.84%3.21%2.07%3.43%1.81%1.06%0.89%3.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12.52
(-) Cash Dividends Paid (M)0.34
(=) Cash Retained (M)12.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.501.560.94
Cash Retained (M)12.1812.1812.18
(-) Cash Required (M)-2.50-1.56-0.94
(=) Excess Retained (M)9.6810.6211.24
(/) Shares Outstanding (M)20.0320.0320.03
(=) Excess Retained per Share0.480.530.56
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.480.530.56
(=) Adjusted Dividend0.500.550.58
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate-6.84%-5.84%-4.84%
Fair Value$2.82$3.32$3.80
Upside / Downside-70.05%-64.75%-59.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12.5211.7911.1010.459.849.269.54
Payout Ratio2.70%20.16%37.62%55.08%72.54%90.00%92.50%
Projected Dividends (M)0.342.384.175.767.148.348.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate-6.84%-5.84%-4.84%
Year 1 PV (M)2.142.172.19
Year 2 PV (M)3.403.473.55
Year 3 PV (M)4.234.374.51
Year 4 PV (M)4.734.945.15
Year 5 PV (M)4.995.265.55
PV of Terminal Value (M)79.5083.8688.41
Equity Value (M)98.99104.06109.35
Shares Outstanding (M)20.0320.0320.03
Fair Value$4.94$5.19$5.46
Upside / Downside-47.60%-44.92%-42.12%

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