Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $2.75 - $3.62 | $3.14 |
| Multi-Stage DDM | $0.45 - $0.49 | $0.47 |
| Blended Fair Value | $1.80 | |
| Stock Price | $27.09 | |
Dividend History (Last 10 Years)
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.233 | 0.346 | 0.266 | 0.290 | 0.220 | 0.233 | 0.143 | 0.132 | 0.089 | 0.192 |
| YoY % | -32.70% | 30.00% | -8.26% | 31.96% | -5.71% | 62.67% | 8.36% | 49.35% | -53.85% | 5,554.79% |
| Yield | 0.86% | 1.28% | 0.98% | 1.07% | 0.81% | 0.86% | 0.53% | 0.49% | 0.33% | 0.71% |
| CAGR | Value |
|---|---|
| 5 Year | -0.03% |
| 10 Year | 52.63% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | -0.57% to 1.43% | 0.43% |
| WACC | 9.00% | 9.00% |
| Fair Value | $2.75 - $3.62 | $3.14 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 1.67 | 1.67 | 1.67 |
| (=) Cash Required | 0.33 | 0.21 | 0.12 |
| (=) Excess Retained per Share | 0.03 | 0.03 | 0.04 |
| LTM Dividend per Share | 0.233 | 0.233 | 0.233 |
| (=) Adjusted Dividend | 0.265 | 0.268 | 0.270 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 1.67 | 1.67 | 1.68 | 1.69 | 1.70 | 1.70 |
| Projected Dividends | 9.70 | 0.42 | 0.69 | 0.96 | 1.24 | 1.53 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 0.40 | 0.40 | 0.40 |
| Year 2 PV | 0.59 | 0.61 | 0.62 |
| Year 3 PV | 0.75 | 0.78 | 0.80 |
| Year 4 PV | 0.88 | 0.92 | 0.95 |
| Year 5 PV | 0.99 | 1.04 | 1.09 |
| TV PV | 14.94 | 15.70 | 16.50 |
| Equity Value | 18.55 | 19.44 | 20.37 |
| Fair Value | $0.45 | $0.47 | $0.49 |
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