Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Figure Technology Solutions, Inc. Class A Common Stock (FIGR)

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

Valuation Snapshot

Stable Growth$1.88 - $2.69$2.28
Multi-Stage$2.84 - $3.12$2.98
Blended Fair Value$2.63
Current Price$36.37
Upside-92.77%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023
DPS0.00%0.00%0.010.000.000.000.000.000.000.000.000.00
YoY Growth--713.62%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.02%0.00%0.00%0.00%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)133.04
(-) Cash Dividends Paid (M)2.95
(=) Cash Retained (M)130.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.6116.639.98
Cash Retained (M)130.09130.09130.09
(-) Cash Required (M)-26.61-16.63-9.98
(=) Excess Retained (M)103.48113.46120.11
(/) Shares Outstanding (M)481.19481.19481.19
(=) Excess Retained per Share0.220.240.25
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.220.240.25
(=) Adjusted Dividend0.220.240.26
WACC / Discount Rate9.50%9.50%9.50%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.88$2.28$2.69
Upside / Downside-94.82%-93.73%-92.60%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)133.04131.71130.39129.09127.80126.52130.32
Payout Ratio2.22%19.77%37.33%54.89%72.44%90.00%92.50%
Projected Dividends (M)2.9526.0448.6870.8592.58113.87120.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.50%9.50%9.50%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)23.5423.7824.02
Year 2 PV (M)39.7840.6041.42
Year 3 PV (M)52.3553.9755.62
Year 4 PV (M)61.8364.4067.04
Year 5 PV (M)68.7572.3376.06
PV of Terminal Value (M)1,119.761,178.061,238.78
Equity Value (M)1,366.011,433.141,502.94
Shares Outstanding (M)481.19481.19481.19
Fair Value$2.84$2.98$3.12
Upside / Downside-92.19%-91.81%-91.41%

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