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US-FIRE-HAWAII

PATRICK T. FALLON/AFP via Getty Images

Inputs
5-Year Average FCF $109 Million
Outstanding Shares 110 Million
Discount Rate 10%
Growth Rate
Pessimistic 3%
Normal 4%
Optimistic 5%
TV Growth Rate 3%

Probability
Pessimistic 20% $3.11
Normal 60% $9.99
Optimistic 20% $3.57
Intrinsic Value $16.67
Current Price $12.68
Current MoS 23.96%

4x Share Dilution

3x Share Dilution

2x Share Dilution

EPS

$ 2.30

$ 2.30

$ 2.30

Diluted EPS

$ 0.57

$ 0.77

$ 1.15

Average PE

15.5

15.5

15.5

Estimated Stock Price

$ 8.84

$ 11.88

$ 17.83

Current Outstanding Shares

110,000,000

110,000,000

110,000,000

Diluted Shares

330,000,000

220,000,000

110,000,000

Total Outstanding Shares

440,000,000

330,000,000

220,000,000

Total Equity Raised

$ 4,184,400,000

$ 2,789,600,000

$ 1,394,800,000

Inputs
5-Year Average FCF $109 Million
Outstanding Shares 440 Million
Discount Rate 10%
Growth Rate
Pessimistic 3%
Normal 4%
Optimistic 5%
TV Growth Rate 3%

Probability
Pessimistic 20% $0.78
Normal 60% $2.50
Optimistic 20% $3.57
Intrinsic Value $6.85
Current Price $12.68
Current MoS -85.18%

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