Definitive Analysis
| Stable Growth | $40.20 - $57.87 | $48.82 |
| Multi-Stage | $70.52 - $77.14 | $73.77 |
| Blended Fair Value | $61.29 | |
| Current Price | $33.98 | |
| Upside | 80.38% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -29.26% | 0.00% | 2.52 | 2.19 | 0.66 | 0.85 | 8.85 | 14.25 | 14.21 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 15.21% | 230.97% | -22.50% | -90.35% | -37.90% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 8.72% | 6.76% | 2.98% | 6.76% | 30.47% | 19.79% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 9.82 |
| (-) Cash Dividends Paid (M) | 8.48 |
| (=) Cash Retained (M) | 1.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.96 | 1.23 | 0.74 |
| Cash Retained (M) | 1.34 | 1.34 | 1.34 |
| (-) Cash Required (M) | -1.96 | -1.23 | -0.74 |
| (=) Excess Retained (M) | -0.62 | 0.12 | 0.61 |
| (/) Shares Outstanding (M) | 1.73 | 1.73 | 1.73 |
| (=) Excess Retained per Share | -0.36 | 0.07 | 0.35 |
| LTM Dividend per Share | 4.90 | 4.90 | 4.90 |
| (+) Excess Retained per Share | -0.36 | 0.07 | 0.35 |
| (=) Adjusted Dividend | 4.54 | 4.97 | 5.25 |
| WACC / Discount Rate | 9.08% | 9.08% | 9.08% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $40.20 | $48.82 | $57.87 |
| Upside / Downside | 18.30% | 43.67% | 70.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 9.82 | 9.72 | 9.63 | 9.53 | 9.44 | 9.34 | 9.62 |
| Payout Ratio | 86.32% | 87.05% | 87.79% | 88.53% | 89.26% | 90.00% | 92.50% |
| Projected Dividends (M) | 8.48 | 8.47 | 8.45 | 8.44 | 8.42 | 8.41 | 8.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.08% | 9.08% | 9.08% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 7.68 | 7.76 | 7.84 |
| Year 2 PV (M) | 6.96 | 7.10 | 7.25 |
| Year 3 PV (M) | 6.31 | 6.50 | 6.70 |
| Year 4 PV (M) | 5.71 | 5.95 | 6.19 |
| Year 5 PV (M) | 5.17 | 5.44 | 5.72 |
| PV of Terminal Value (M) | 90.10 | 94.79 | 99.68 |
| Equity Value (M) | 121.94 | 127.55 | 133.38 |
| Shares Outstanding (M) | 1.73 | 1.73 | 1.73 |
| Fair Value | $70.52 | $73.77 | $77.14 |
| Upside / Downside | 107.53% | 117.09% | 127.01% |
| 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% |