Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $5.28 - $7.09 | $6.20 |
| Multi-Stage DDM | $7.84 - $8.64 | $8.23 |
| Blended Fair Value | $7.21 | |
| Stock Price | $16.85 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.103 | 0.138 | 0.137 | 0.136 | 0.177 | 0.203 | 0.174 | 0.144 | 0.105 | 0.111 |
| YoY % | -25.70% | 0.85% | 0.77% | -23.10% | -12.74% | 16.37% | 20.83% | 36.60% | -4.81% | 18.22% |
| Yield | 0.61% | 0.82% | 0.81% | 0.81% | 1.05% | 1.20% | 1.03% | 0.86% | 0.63% | 0.66% |
| CAGR | Value |
|---|---|
| 5 Year | -12.71% |
| 10 Year | 0.91% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | -5.73% to -3.73% | -4.73% |
| WACC | 9.00% | 9.00% |
| Fair Value | $5.28 - $7.09 | $6.20 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 20.60 | 20.60 | 20.60 |
| (=) Cash Required | 4.12 | 2.57 | 1.54 |
| (=) Excess Retained per Share | 0.72 | 0.79 | 0.84 |
| LTM Dividend per Share | 0.103 | 0.103 | 0.103 |
| (=) Adjusted Dividend | 0.825 | 0.893 | 0.938 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 20.60 | 19.62 | 18.69 | 17.81 | 16.97 | 16.16 |
| Projected Dividends | 2.34 | 4.91 | 7.66 | 10.15 | 12.39 | 14.55 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 4.65 | 4.70 | 4.75 |
| Year 2 PV | 6.59 | 6.74 | 6.88 |
| Year 3 PV | 7.93 | 8.18 | 8.44 |
| Year 4 PV | 8.78 | 9.16 | 9.55 |
| Year 5 PV | 9.36 | 9.87 | 10.40 |
| TV PV | 141.44 | 149.10 | 157.10 |
| Equity Value | 178.76 | 187.75 | 197.12 |
| Fair Value | $7.84 | $8.23 | $8.64 |
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