Definitive Analysis
| Stable Growth | $7.48 - $10.78 | $9.09 |
| Multi-Stage | $12.58 - $13.79 | $13.18 |
| Blended Fair Value | $11.13 | |
| Current Price | $14.21 | |
| Upside | -21.65% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.57 | 0.59 | 0.44 | 0.92 | 0.18 | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -3.78% | 34.34% | -52.49% | 404.46% | 0.00% | -100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.42% | 5.07% | 4.22% | 5.40% | 1.35% | 0.00% | 0.36% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 10.64 |
| (-) Cash Dividends Paid (M) | 5.78 |
| (=) Cash Retained (M) | 4.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.13 | 1.33 | 0.80 |
| Cash Retained (M) | 4.86 | 4.86 | 4.86 |
| (-) Cash Required (M) | -2.13 | -1.33 | -0.80 |
| (=) Excess Retained (M) | 2.73 | 3.53 | 4.06 |
| (/) Shares Outstanding (M) | 10.06 | 10.06 | 10.06 |
| (=) Excess Retained per Share | 0.27 | 0.35 | 0.40 |
| LTM Dividend per Share | 0.57 | 0.57 | 0.57 |
| (+) Excess Retained per Share | 0.27 | 0.35 | 0.40 |
| (=) Adjusted Dividend | 0.85 | 0.93 | 0.98 |
| WACC / Discount Rate | 9.08% | 9.08% | 9.08% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $7.48 | $9.09 | $10.78 |
| Upside / Downside | -47.33% | -36.03% | -24.17% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10.64 | 10.54 | 10.43 | 10.33 | 10.22 | 10.12 | 10.43 |
| Payout Ratio | 54.33% | 61.46% | 68.60% | 75.73% | 82.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 5.78 | 6.48 | 7.16 | 7.82 | 8.47 | 9.11 | 9.64 |
| 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) | 5.88 | 5.94 | 6.00 |
| Year 2 PV (M) | 5.89 | 6.01 | 6.14 |
| Year 3 PV (M) | 5.85 | 6.03 | 6.21 |
| Year 4 PV (M) | 5.75 | 5.98 | 6.23 |
| Year 5 PV (M) | 5.61 | 5.90 | 6.20 |
| PV of Terminal Value (M) | 97.62 | 102.70 | 108.00 |
| Equity Value (M) | 126.59 | 132.56 | 138.77 |
| Shares Outstanding (M) | 10.06 | 10.06 | 10.06 |
| Fair Value | $12.58 | $13.18 | $13.79 |
| Upside / Downside | -11.46% | -7.28% | -2.94% |
| 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% |