Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $16.22 - $26.39 | $20.53 |
| Multi-Stage DDM | $9.82 - $10.75 | $10.28 |
| Blended Fair Value | $15.41 | |
| Stock Price | $38.56 | |
Dividend History (Last 10 Years)
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.399 | 0.400 | 0.400 | 0.333 | 0.004 | 0.300 | 0.091 | 0.135 | 0.024 |
| YoY % | -0.35% | 0.08% | 20.00% | 7,579.39% | -98.55% | 230.80% | -32.71% | 470.47% | 0.00% |
| Yield | 1.03% | 1.04% | 1.04% | 0.86% | 0.01% | 0.78% | 0.24% | 0.35% | 0.06% |
| CAGR | Value |
|---|---|
| 5 Year | 5.87% |
| 10 Year | 0.00% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 2.63% to 4.63% | 3.63% |
| WACC | 9.00% | 9.00% |
| Fair Value | $16.22 - $26.39 | $20.53 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 13.26 | 13.26 | 13.26 |
| (=) Cash Required | 2.65 | 1.66 | 0.99 |
| (=) Excess Retained per Share | 0.61 | 0.66 | 0.70 |
| LTM Dividend per Share | 0.399 | 0.399 | 0.399 |
| (=) Adjusted Dividend | 1.007 | 1.064 | 1.102 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 13.26 | 13.74 | 14.24 | 14.76 | 15.29 | 15.85 |
| Projected Dividends | 6.96 | 3.44 | 5.84 | 8.41 | 11.16 | 14.26 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 3.26 | 3.29 | 3.32 |
| Year 2 PV | 5.03 | 5.13 | 5.23 |
| Year 3 PV | 6.59 | 6.78 | 6.98 |
| Year 4 PV | 7.94 | 8.26 | 8.58 |
| Year 5 PV | 9.22 | 9.68 | 10.15 |
| TV PV | 139.26 | 146.18 | 153.37 |
| Equity Value | 171.30 | 179.31 | 187.63 |
| Fair Value | $9.82 | $10.28 | $10.75 |
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