Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $18.29 - $27.48 | $22.31 |
| Multi-Stage DDM | $9.54 - $10.45 | $9.99 |
| Blended Fair Value | $16.15 | |
| Stock Price | $17.82 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.704 | 0.347 | 0.328 | 0.310 | 0.256 | 0.171 | 0.121 | 0.102 | 0.123 | 0.113 |
| YoY % | 103.20% | 5.85% | 5.57% | 21.11% | 49.95% | 41.74% | 18.55% | -17.43% | 8.78% | -19.43% |
| Yield | 3.95% | 1.95% | 1.84% | 1.74% | 1.44% | 0.96% | 0.68% | 0.57% | 0.69% | 0.64% |
| CAGR | Value |
|---|---|
| 5 Year | 32.75% |
| 10 Year | 17.49% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 1.65% to 3.65% | 2.65% |
| WACC | 9.00% | 9.00% |
| Fair Value | $18.29 - $27.48 | $22.31 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 130.34 | 130.34 | 130.34 |
| (=) Cash Required | 26.07 | 16.29 | 9.78 |
| (=) Excess Retained per Share | 0.62 | 0.68 | 0.71 |
| LTM Dividend per Share | 0.704 | 0.704 | 0.704 |
| (=) Adjusted Dividend | 1.322 | 1.380 | 1.419 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 130.34 | 133.79 | 137.34 | 140.98 | 144.71 | 148.55 |
| Projected Dividends | 118.89 | 33.45 | 56.31 | 80.36 | 105.64 | 133.69 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 31.73 | 32.04 | 32.35 |
| Year 2 PV | 48.52 | 49.48 | 50.45 |
| Year 3 PV | 62.91 | 64.78 | 66.69 |
| Year 4 PV | 75.13 | 78.13 | 81.22 |
| Year 5 PV | 86.38 | 90.72 | 95.22 |
| TV PV | 1,304.73 | 1,370.19 | 1,438.24 |
| Equity Value | 1,609.40 | 1,685.34 | 1,764.18 |
| Fair Value | $9.54 | $9.99 | $10.45 |
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