Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $27.08 - $68.29 | $39.67 |
| Multi-Stage DDM | $6.40 - $6.99 | $6.69 |
| Blended Fair Value | $23.18 | |
| Stock Price | $14.78 | |
Dividend History (Last 10 Years)
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.551 | 0.111 | 0.127 | 0.124 | 0.103 | 0.136 | 0.158 | 0.184 | 0.154 | 0.150 |
| YoY % | 396.25% | -12.60% | 2.42% | 19.86% | -24.08% | -13.70% | -14.11% | 19.21% | 3.01% | -57.75% |
| Yield | 3.73% | 0.75% | 0.86% | 0.84% | 0.70% | 0.92% | 1.07% | 1.24% | 1.04% | 1.01% |
| CAGR | Value |
|---|---|
| 5 Year | 32.23% |
| 10 Year | 4.51% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 5.50% to 7.50% | 6.50% |
| WACC | 9.00% | 9.00% |
| Fair Value | $27.08 - $68.29 | $39.67 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 39.27 | 39.27 | 39.27 |
| (=) Cash Required | 7.85 | 4.91 | 2.95 |
| (=) Excess Retained per Share | 0.35 | 0.38 | 0.40 |
| LTM Dividend per Share | 0.551 | 0.551 | 0.551 |
| (=) Adjusted Dividend | 0.899 | 0.931 | 0.953 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 39.27 | 41.83 | 44.54 | 47.44 | 50.52 | 53.81 |
| Projected Dividends | 49.78 | 10.46 | 18.26 | 27.04 | 36.88 | 48.43 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 9.92 | 10.02 | 10.11 |
| Year 2 PV | 15.75 | 16.05 | 16.35 |
| Year 3 PV | 21.19 | 21.80 | 22.42 |
| Year 4 PV | 26.27 | 27.28 | 28.32 |
| Year 5 PV | 31.35 | 32.86 | 34.43 |
| TV PV | 473.46 | 496.32 | 520.07 |
| Equity Value | 577.93 | 604.33 | 631.70 |
| Fair Value | $6.40 | $6.69 | $6.99 |
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