Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Beard Energy Transition Acquisition Corp. (BRD)

Company Dividend Discount ModelIndustry: Shell CompaniesSector: Financial Services

Valuation Snapshot

Stable Growth$2.26 - $3.55$2.85
Multi-Stage$5.78 - $6.35$6.06
Blended Fair Value$4.45
Current Price$10.75
Upside-58.57%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20222021
DPS0.00%0.00%0.160.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.57%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)4.69
(-) Cash Dividends Paid (M)4.48
(=) Cash Retained (M)0.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.940.590.35
Cash Retained (M)0.210.210.21
(-) Cash Required (M)-0.94-0.59-0.35
(=) Excess Retained (M)-0.73-0.38-0.14
(/) Shares Outstanding (M)20.3420.3420.34
(=) Excess Retained per Share-0.04-0.02-0.01
LTM Dividend per Share0.220.220.22
(+) Excess Retained per Share-0.04-0.02-0.01
(=) Adjusted Dividend0.180.200.21
WACC / Discount Rate6.01%6.01%6.01%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.26$2.85$3.55
Upside / Downside-79.00%-73.49%-66.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4.694.644.604.554.514.464.60
Payout Ratio95.51%94.41%93.31%92.20%91.10%90.00%92.50%
Projected Dividends (M)4.484.384.294.204.114.024.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.01%6.01%6.01%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4.094.144.18
Year 2 PV (M)3.743.823.90
Year 3 PV (M)3.423.523.63
Year 4 PV (M)3.123.253.38
Year 5 PV (M)2.853.003.15
PV of Terminal Value (M)100.25105.47110.90
Equity Value (M)117.47123.19129.14
Shares Outstanding (M)20.3420.3420.34
Fair Value$5.78$6.06$6.35
Upside / Downside-46.27%-43.65%-40.93%

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