Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Parex Resources Inc. (PXT.TO)

Company Dividend Discount ModelIndustry: Oil & Gas Exploration & ProductionSector: Energy

Valuation Snapshot

Stable Growth$8.69 - $12.41$10.52
Multi-Stage$14.83 - $16.21$15.50
Blended Fair Value$13.01
Current Price$10.22
Upside27.30%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%1.131.190.760.480.000.000.000.000.000.00
YoY Growth---5.47%57.21%58.49%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--12.12%7.40%4.09%2.34%0.00%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)126.48
(-) Cash Dividends Paid (M)109.05
(=) Cash Retained (M)17.43
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.3015.819.49
Cash Retained (M)17.4317.4317.43
(-) Cash Required (M)-25.30-15.81-9.49
(=) Excess Retained (M)-7.861.627.95
(/) Shares Outstanding (M)99.3599.3599.35
(=) Excess Retained per Share-0.080.020.08
LTM Dividend per Share1.101.101.10
(+) Excess Retained per Share-0.080.020.08
(=) Adjusted Dividend1.021.111.18
WACC / Discount Rate9.49%9.49%9.49%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.69$10.52$12.41
Upside / Downside-14.97%2.90%21.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)126.48125.22123.97122.73121.50120.29123.89
Payout Ratio86.22%86.97%87.73%88.49%89.24%90.00%92.50%
Projected Dividends (M)109.05108.91108.76108.60108.43108.26114.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.49%9.49%9.49%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)98.4799.47100.48
Year 2 PV (M)88.9090.7392.57
Year 3 PV (M)80.2682.7485.28
Year 4 PV (M)72.4675.4678.55
Year 5 PV (M)65.4068.8172.36
PV of Terminal Value (M)1,067.411,122.991,180.87
Equity Value (M)1,472.901,540.211,610.10
Shares Outstanding (M)99.3599.3599.35
Fair Value$14.83$15.50$16.21
Upside / Downside45.06%51.69%58.58%

High-Yield Dividend Screener

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