Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BGC Group, Inc (BGC)

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

Valuation Snapshot

Stable Growth$3.89 - $6.43$5.02
Multi-Stage$8.33 - $9.17$8.74
Blended Fair Value$6.88
Current Price$9.46
Upside-27.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-29.23%-10.63%0.070.040.030.030.130.400.480.410.500.27
YoY Growth--96.57%16.97%-1.58%-75.02%-68.59%-16.85%15.66%-16.70%82.88%24.95%
Dividend Yield--0.77%0.47%0.59%0.71%2.59%15.80%8.67%4.79%6.80%4.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)165.79
(-) Cash Dividends Paid (M)39.06
(=) Cash Retained (M)126.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)33.1620.7212.43
Cash Retained (M)126.73126.73126.73
(-) Cash Required (M)-33.16-20.72-12.43
(=) Excess Retained (M)93.57106.01114.30
(/) Shares Outstanding (M)483.48483.48483.48
(=) Excess Retained per Share0.190.220.24
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.190.220.24
(=) Adjusted Dividend0.270.300.32
WACC / Discount Rate6.11%6.11%6.11%
Growth Rate-0.87%0.13%1.13%
Fair Value$3.89$5.02$6.43
Upside / Downside-58.85%-46.95%-32.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)165.79166.01166.22166.43166.64166.85171.86
Payout Ratio23.56%36.85%50.14%63.42%76.71%90.00%92.50%
Projected Dividends (M)39.0661.1783.34105.56127.83150.17158.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.11%6.11%6.11%
Growth Rate-0.87%0.13%1.13%
Year 1 PV (M)57.0757.6558.22
Year 2 PV (M)72.5474.0175.49
Year 3 PV (M)85.7288.3491.02
Year 4 PV (M)96.86100.82104.91
Year 5 PV (M)106.15111.61117.30
PV of Terminal Value (M)3,608.773,794.513,987.81
Equity Value (M)4,027.114,226.944,434.76
Shares Outstanding (M)483.48483.48483.48
Fair Value$8.33$8.74$9.17
Upside / Downside-11.95%-7.58%-3.04%

High-Yield Dividend Screener

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