Definitive Analysis
| Stable Growth | $23.74 - $38.91 | $30.50 |
| Multi-Stage | $29.56 - $32.31 | $30.91 |
| Blended Fair Value | $30.70 | |
| Current Price | $28.30 | |
| Upside | 8.50% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.76% | 3.95% | 1.10 | 1.08 | 1.05 | 0.98 | 0.95 | 0.92 | 0.87 | 0.82 | 0.79 | 0.77 |
| YoY Growth | - | - | 1.68% | 3.09% | 7.04% | 3.53% | 3.51% | 5.68% | 5.81% | 3.87% | 3.09% | 2.36% |
| Dividend Yield | - | - | 4.19% | 4.43% | 4.35% | 3.21% | 3.11% | 3.70% | 2.99% | 2.88% | 2.86% | 3.65% |
| Net Income To Common (M) | 34.41 |
| (-) Cash Dividends Paid (M) | 18.81 |
| (=) Cash Retained (M) | 15.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.88 | 4.30 | 2.58 |
| Cash Retained (M) | 15.60 | 15.60 | 15.60 |
| (-) Cash Required (M) | -6.88 | -4.30 | -2.58 |
| (=) Excess Retained (M) | 8.72 | 11.30 | 13.02 |
| (/) Shares Outstanding (M) | 16.59 | 16.59 | 16.59 |
| (=) Excess Retained per Share | 0.53 | 0.68 | 0.78 |
| LTM Dividend per Share | 1.13 | 1.13 | 1.13 |
| (+) Excess Retained per Share | 0.53 | 0.68 | 0.78 |
| (=) Adjusted Dividend | 1.66 | 1.81 | 1.92 |
| WACC / Discount Rate | 9.08% | 9.08% | 9.08% |
| Growth Rate | 1.95% | 2.95% | 3.95% |
| Fair Value | $23.74 | $30.50 | $38.91 |
| Upside / Downside | -16.11% | 7.78% | 37.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 34.41 | 35.43 | 36.47 | 37.55 | 38.66 | 39.80 | 41.00 |
| Payout Ratio | 54.67% | 61.74% | 68.80% | 75.87% | 82.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 18.81 | 21.87 | 25.09 | 28.49 | 32.06 | 35.82 | 37.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.08% | 9.08% | 9.08% |
| Growth Rate | 1.95% | 2.95% | 3.95% |
| Year 1 PV (M) | 19.86 | 20.05 | 20.25 |
| Year 2 PV (M) | 20.68 | 21.09 | 21.50 |
| Year 3 PV (M) | 21.32 | 21.95 | 22.60 |
| Year 4 PV (M) | 21.78 | 22.65 | 23.54 |
| Year 5 PV (M) | 22.09 | 23.20 | 24.35 |
| PV of Terminal Value (M) | 384.66 | 403.90 | 423.90 |
| Equity Value (M) | 490.39 | 512.83 | 536.13 |
| Shares Outstanding (M) | 16.59 | 16.59 | 16.59 |
| Fair Value | $29.56 | $30.91 | $32.31 |
| Upside / Downside | 4.44% | 9.22% | 14.18% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| MORG.OL | Sparebanken Møre | 8.24% | $9.79 | 48.31% |
| TCL-A.TO | Transcontinental Inc. | 8.23% | $1.90 | 90.45% |
| 1524.TW | Gordon Auto Body Parts Co., Ltd. | 8.22% | $2.29 | 90.15% |
| 025000.KS | KPX Chemical Co.,Ltd. | 8.20% | $3,780.40 | 27.09% |
| 3249.T | Industrial & Infrastructure Fund Investment Corporation | 8.19% | $12,629.62 | 94.12% |
| MERC3.SA | Mercantil do Brasil Financeira S.A. | 8.19% | $1.25 | 23.03% |
| VOW.DE | Volkswagen AG | 8.19% | $8.80 | 61.96% |
| ACES.JK | PT Aspirasi Hidup Indonesia Tbk | 8.17% | $33.50 | 70.02% |
| ADH.AX | Adairs Limited | 8.14% | $0.15 | 48.18% |
| 0DZJ.L | Groupe CRIT S.A. | 8.13% | $4.75 | 37.37% |
| WAR.AX | WAM Strategic Value Limited | 8.12% | $0.09 | 49.55% |
| PCSGH.BK | P.C.S. Machine Group Holding Public Company Limited | 8.10% | $0.25 | 61.11% |
| C52.SI | ComfortDelGro Corporation Limited | 8.08% | $0.12 | 61.96% |
| 6601.HK | Cheerwin Group Limited | 8.07% | $0.18 | 58.02% |
| ABA.AX | Auswide Bank Ltd | 8.07% | $0.41 | 53.00% |
| FILA.MI | F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A. | 8.06% | $0.78 | 60.66% |
| AIQ.AX | Alternative Investment Trust | 8.04% | $0.12 | 50.93% |
| LIGHT.AS | Signify N.V. | 8.04% | $1.74 | 69.87% |
| NER.BK | North East Rubber Public Company Limited | 8.04% | $0.36 | 35.33% |
| 1361.HK | 361 Degrees International Limited | 8.03% | $0.43 | 39.44% |
| STO.AX | Santos Limited | 8.03% | $0.49 | 70.12% |
| UTP.BK | United Paper Public Company Limited | 8.00% | $0.60 | 73.40% |
| 0P2J.L | Ascencio S.A. | 7.99% | $4.30 | 73.74% |
| 0QQE.L | DKSH Holding AG | 7.99% | $4.59 | 77.54% |
| RPL.AX | Regal Partners Limited | 7.99% | $0.26 | 96.18% |
| 1983.HK | Luzhou Bank Co., Ltd. | 7.96% | $0.17 | 23.39% |
| 2166.HK | Smart-Core Holdings Limited | 7.96% | $0.17 | 38.03% |
| 3014.TW | ITE Tech. Inc | 7.96% | $9.11 | 95.86% |
| BSD.PA | Bourse Direct S.A. | 7.96% | $0.36 | 51.14% |
| OIZ.IR | Origin Enterprises plc | 7.96% | $0.33 | 39.03% |
| FVI.MI | Fervi S.p.A. | 7.95% | $1.29 | 58.52% |
| MSTI.JK | Mastersystem Infotama Tbk. | 7.95% | $118.00 | 70.08% |
| 0012.HK | Henderson Land Development Company Limited | 7.94% | $2.30 | 89.03% |
| 057050.KS | Hyundai Home Shopping Network Corporation | 7.93% | $4,290.73 | 58.03% |
| IB.MI | Iniziative Bresciane S.p.A. | 7.93% | $0.93 | 91.62% |
| SSSC.BK | Siam Steel Service Center Public Company Limited | 7.93% | $0.17 | 48.86% |
| 0868.HK | Xinyi Glass Holdings Limited | 7.92% | $0.67 | 37.03% |
| 0E1L.L | CapMan Oyj | 7.90% | $0.15 | 36.88% |
| BBAS3.SA | Banco do Brasil S.A. | 7.90% | $1.71 | 76.22% |
| 002060.SZ | Guangdong Construction Engineering Group Co., Ltd. | 7.89% | $0.28 | 98.50% |
| FSA.AX | FSA Group Limited | 7.89% | $0.10 | 9.37% |
| 0F2S.L | Linedata Services S.A. | 7.87% | $3.60 | 32.69% |
| 0R7T.L | TINC N.V. | 7.87% | $0.84 | 35.61% |
| 0D1X.L | Groupe Guillin S.A. | 7.86% | $2.10 | 32.57% |
| 5199.KL | Hibiscus Petroleum Berhad | 7.86% | $0.12 | 74.47% |
| ULKER.IS | Ülker Bisküvi Sanayi A.S. | 7.85% | $8.79 | 45.09% |
| 9581.SR | Clean Life Co. | 7.84% | $8.00 | 56.24% |
| 3463.T | Ichigo Hotel REIT Investment Corporation | 7.83% | $9,957.47 | 51.91% |
| LHSC.BK | LH Shopping Centers Leasehold Real Estate Investment Trust | 7.83% | $1.00 | 59.09% |
| EPMT.JK | PT Enseval Putera Megatrading Tbk. | 7.82% | $179.10 | 64.00% |