Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $25.99 - $67.26 | $38.68 |
| Multi-Stage DDM | $8.98 - $9.81 | $9.39 |
| Blended Fair Value | $24.04 | |
| Stock Price | $18.04 | |
Dividend History (Last 10 Years)
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.374 | 0.293 | 0.171 | 0.242 | 0.155 | 0.146 | 0.128 | 0.159 | 0.135 | 0.220 |
| YoY % | 27.56% | 71.50% | -29.32% | 56.65% | 5.70% | 14.22% | -19.70% | 18.23% | -38.84% | 79.63% |
| Yield | 2.07% | 1.63% | 0.95% | 1.34% | 0.86% | 0.81% | 0.71% | 0.88% | 0.75% | 1.22% |
| CAGR | Value |
|---|---|
| 5 Year | 20.68% |
| 10 Year | 11.80% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 5.50% to 7.50% | 6.50% |
| WACC | 9.00% | 9.00% |
| Fair Value | $25.99 - $67.26 | $38.68 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 13.52 | 13.52 | 13.52 |
| (=) Cash Required | 2.70 | 1.69 | 1.01 |
| (=) Excess Retained per Share | 0.49 | 0.53 | 0.56 |
| LTM Dividend per Share | 0.374 | 0.374 | 0.374 |
| (=) Adjusted Dividend | 0.862 | 0.908 | 0.939 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 13.52 | 14.40 | 15.33 | 16.33 | 17.39 | 18.52 |
| Projected Dividends | 8.29 | 3.60 | 6.29 | 9.31 | 12.69 | 16.67 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 3.41 | 3.45 | 3.48 |
| Year 2 PV | 5.42 | 5.52 | 5.63 |
| Year 3 PV | 7.29 | 7.50 | 7.72 |
| Year 4 PV | 9.04 | 9.39 | 9.75 |
| Year 5 PV | 10.79 | 11.31 | 11.85 |
| TV PV | 162.95 | 170.82 | 178.99 |
| Equity Value | 198.91 | 207.99 | 217.41 |
| Fair Value | $8.98 | $9.39 | $9.81 |
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