Oil & Gas Investment Banking: The First Victim of the ESG Cult?
Brian DeChesare
AUGUST 10, 2022
Complications arise because the dividend payouts do not necessarily follow this 2% / 98% split; there’s usually a set of “tiers” with performance incentives, and the split changes in each tier, similar to the real estate waterfall model. Essentially, the NAV Model is a super-long-term DCF without a Terminal Value.
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