Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $29.03 - $75.01 | $43.16 |
| Multi-Stage DDM | $9.86 - $10.78 | $10.31 |
| Blended Fair Value | $26.74 | |
| Stock Price | $14.64 | |
Dividend History (Last 10 Years)
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.427 | 0.301 | 0.399 | 0.200 | 0.149 | 0.100 | 0.137 | 0.077 | 0.079 | 0.076 |
| YoY % | 42.02% | -24.65% | 99.79% | 34.11% | 48.91% | -26.90% | 76.74% | -2.34% | 4.41% | -7.03% |
| Yield | 2.92% | 2.05% | 2.73% | 1.36% | 1.02% | 0.68% | 0.93% | 0.53% | 0.54% | 0.52% |
| CAGR | Value |
|---|---|
| 5 Year | 33.68% |
| 10 Year | 17.99% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 5.50% to 7.50% | 6.50% |
| WACC | 9.00% | 9.00% |
| Fair Value | $29.03 - $75.01 | $43.16 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 117.73 | 117.73 | 117.73 |
| (=) Cash Required | 23.55 | 14.72 | 8.83 |
| (=) Excess Retained per Share | 0.54 | 0.59 | 0.62 |
| LTM Dividend per Share | 0.427 | 0.427 | 0.427 |
| (=) Adjusted Dividend | 0.963 | 1.013 | 1.047 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 117.73 | 125.38 | 133.53 | 142.21 | 151.45 | 161.29 |
| Projected Dividends | 75.02 | 31.34 | 54.75 | 81.06 | 110.56 | 145.17 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 29.74 | 30.02 | 30.30 |
| Year 2 PV | 47.21 | 48.11 | 49.02 |
| Year 3 PV | 63.52 | 65.35 | 67.21 |
| Year 4 PV | 78.74 | 81.77 | 84.89 |
| Year 5 PV | 93.96 | 98.50 | 103.21 |
| TV PV | 1,419.23 | 1,487.78 | 1,558.96 |
| Equity Value | 1,732.41 | 1,811.53 | 1,893.58 |
| Fair Value | $9.86 | $10.31 | $10.78 |
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