Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $397.65 - $1,068.52 | $605.88 |
| Multi-Stage DDM | $202.19 - $221.00 | $211.43 |
| Blended Fair Value | $408.66 | |
| Stock Price | $334.50 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.200 | 4.085 | 3.283 | 3.565 | 2.414 | 2.253 | 2.743 | 1.956 | 1.828 | 1.465 |
| YoY % | -46.14% | 24.43% | -7.92% | 47.68% | 7.17% | -17.89% | 40.28% | 6.98% | 24.77% | -5.28% |
| Yield | 0.66% | 1.22% | 0.98% | 1.07% | 0.72% | 0.67% | 0.82% | 0.58% | 0.55% | 0.44% |
| CAGR | Value |
|---|---|
| 5 Year | -0.47% |
| 10 Year | 3.59% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 5.50% to 7.50% | 6.50% |
| WACC | 9.00% | 9.00% |
| Fair Value | $397.65 - $1,068.52 | $605.88 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 40.20 | 40.20 | 40.20 |
| (=) Cash Required | 8.04 | 5.02 | 3.01 |
| (=) Excess Retained per Share | 10.99 | 12.02 | 12.71 |
| LTM Dividend per Share | 2.200 | 2.200 | 2.200 |
| (=) Adjusted Dividend | 13.192 | 14.223 | 14.910 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 40.20 | 42.81 | 45.59 | 48.55 | 51.71 | 55.07 |
| Projected Dividends | 6.44 | 10.70 | 18.69 | 27.68 | 37.75 | 49.56 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 10.15 | 10.25 | 10.35 |
| Year 2 PV | 16.12 | 16.43 | 16.74 |
| Year 3 PV | 21.69 | 22.31 | 22.95 |
| Year 4 PV | 26.89 | 27.92 | 28.98 |
| Year 5 PV | 32.08 | 33.63 | 35.24 |
| TV PV | 484.58 | 507.98 | 532.28 |
| Equity Value | 591.51 | 618.52 | 646.54 |
| Fair Value | $202.19 | $211.43 | $221.00 |
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