Definitive Analysis
Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Sector

WAM Research Limited (WAX.AX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$14.34 - $23.95$18.57
Multi-Stage$23.02 - $25.32$24.15
Blended Fair Value$21.36
Current Price$1.11
Upside1,824.21%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.32%6.87%0.080.080.080.080.080.080.070.070.060.05
YoY Growth--3.20%2.53%2.51%1.53%1.86%4.69%6.68%13.77%15.08%18.45%
Dividend Yield--7.62%7.66%7.54%6.00%4.66%5.71%5.30%4.47%3.93%3.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)247.52
(-) Cash Dividends Paid (M)25.58
(=) Cash Retained (M)221.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)49.5030.9418.56
Cash Retained (M)221.94221.94221.94
(-) Cash Required (M)-49.50-30.94-18.56
(=) Excess Retained (M)172.44191.00203.38
(/) Shares Outstanding (M)203.64203.64203.64
(=) Excess Retained per Share0.850.941.00
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share0.850.941.00
(=) Adjusted Dividend0.971.061.12
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate0.32%1.32%2.32%
Fair Value$14.34$18.57$23.95
Upside / Downside1,191.93%1,573.07%2,058.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)247.52250.80254.12257.49260.90264.35272.28
Payout Ratio10.33%26.27%42.20%58.13%74.07%90.00%92.50%
Projected Dividends (M)25.5865.88107.24149.69193.24237.92251.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate0.32%1.32%2.32%
Year 1 PV (M)60.8961.5062.10
Year 2 PV (M)91.6193.4595.30
Year 3 PV (M)118.19121.75125.40
Year 4 PV (M)141.01146.72152.60
Year 5 PV (M)160.47168.63177.11
PV of Terminal Value (M)4,115.844,325.104,542.78
Equity Value (M)4,688.014,917.155,155.30
Shares Outstanding (M)203.64203.64203.64
Fair Value$23.02$24.15$25.32
Upside / Downside1,973.98%2,075.35%2,180.71%

High-Yield Dividend Screener

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