Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $4.78 - $13.13 | $7.38 |
| Multi-Stage DDM | $2.91 - $3.19 | $3.05 |
| Blended Fair Value | $5.22 | |
| Stock Price | $15.20 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| DPS | 0.000 | 0.061 | 0.081 | 0.070 | 0.100 | 0.042 | 0.032 |
| YoY % | -100.00% | -24.31% | 15.68% | -30.02% | 140.88% | 31.32% | 0.00% |
| Yield | 0.00% | 0.40% | 0.53% | 0.46% | 0.66% | 0.27% | 0.21% |
| CAGR | Value |
|---|---|
| 5 Year | -100.00% |
| 10 Year | 0.00% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 5.50% to 7.50% | 6.50% |
| WACC | 9.00% | 9.00% |
| Fair Value | $4.78 - $13.13 | $7.38 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 6.96 | 6.96 | 6.96 |
| (=) Cash Required | 1.39 | 0.87 | 0.52 |
| (=) Excess Retained per Share | 0.16 | 0.17 | 0.18 |
| LTM Dividend per Share | 0.000 | 0.000 | 0.000 |
| (=) Adjusted Dividend | 0.158 | 0.173 | 0.183 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 6.96 | 7.41 | 7.89 | 8.40 | 8.95 | 9.53 |
| Projected Dividends | 0.00 | 1.85 | 3.23 | 4.79 | 6.53 | 8.58 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 1.76 | 1.77 | 1.79 |
| Year 2 PV | 2.79 | 2.84 | 2.90 |
| Year 3 PV | 3.75 | 3.86 | 3.97 |
| Year 4 PV | 4.65 | 4.83 | 5.02 |
| Year 5 PV | 5.55 | 5.82 | 6.10 |
| TV PV | 83.86 | 87.91 | 92.11 |
| Equity Value | 102.36 | 107.04 | 111.89 |
| Fair Value | $2.91 | $3.05 | $3.19 |
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