Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Braemar Plc (BMS.L)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$2.88 - $4.68$3.69
Multi-Stage$3.94 - $4.30$4.12
Blended Fair Value$3.90
Current Price$2.66
Upside46.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS3.49%-1.20%0.150.070.090.060.000.130.130.080.220.21
YoY Growth--125.29%-23.51%51.26%0.00%-100.00%0.30%55.21%-62.15%2.75%23.33%
Dividend Yield--5.68%2.52%2.92%2.42%0.00%8.43%7.13%3.35%8.41%5.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9.38
(-) Cash Dividends Paid (M)7.94
(=) Cash Retained (M)1.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.881.170.70
Cash Retained (M)1.441.441.44
(-) Cash Required (M)-1.88-1.17-0.70
(=) Excess Retained (M)-0.440.270.73
(/) Shares Outstanding (M)36.3636.3636.36
(=) Excess Retained per Share-0.010.010.02
LTM Dividend per Share0.220.220.22
(+) Excess Retained per Share-0.010.010.02
(=) Adjusted Dividend0.210.230.24
WACC / Discount Rate8.76%8.76%8.76%
Growth Rate1.49%2.49%3.49%
Fair Value$2.88$3.69$4.68
Upside / Downside8.28%38.68%76.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.389.619.8510.0910.3510.6010.92
Payout Ratio84.66%85.73%86.80%87.86%88.93%90.00%92.50%
Projected Dividends (M)7.948.248.558.879.209.5410.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.76%8.76%8.76%
Growth Rate1.49%2.49%3.49%
Year 1 PV (M)7.507.577.65
Year 2 PV (M)7.097.237.37
Year 3 PV (M)6.696.897.10
Year 4 PV (M)6.326.576.84
Year 5 PV (M)5.976.276.58
PV of Terminal Value (M)109.69115.21120.94
Equity Value (M)143.27149.74156.47
Shares Outstanding (M)36.3636.3636.36
Fair Value$3.94$4.12$4.30
Upside / Downside48.15%54.85%61.80%

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