Definitive Analysis

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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company Industry Sector

Ticker

Industry

Sector

Palm Valley Capital Fund Investor Class (PVCMX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth	$9.81 - $13.96	$11.85
Multi-Stage	$18.63 - $20.40	$19.50
Blended Fair Value	$15.67
Current Price	$12.91
Upside	21.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-0.99%	0.13%	1.24	1.06	1.30	1.30	0.00	1.30	1.30	1.18	1.18	1.18
YoY Growth	-	-	16.46%	-18.31%	0.00%	0.00%	-100.00%	0.00%	10.71%	0.00%	0.00%	-3.86%
Dividend Yield	-	-	9.59%	8.83%	10.75%	13.05%	0.00%	12.99%	12.99%	11.73%	11.73%	11.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25.31
(-) Cash Dividends Paid (M)	21.21
(=) Cash Retained (M)	4.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.06	3.16	1.90
Cash Retained (M)	4.10	4.10	4.10
(-) Cash Required (M)	-5.06	-3.16	-1.90
(=) Excess Retained (M)	-0.97	0.93	2.20
(/) Shares Outstanding (M)	17.14	17.14	17.14
(=) Excess Retained per Share	-0.06	0.05	0.13
LTM Dividend per Share	1.24	1.24	1.24
(+) Excess Retained per Share	-0.06	0.05	0.13
(=) Adjusted Dividend	1.18	1.29	1.37
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.99%	-1.99%	-0.99%
Fair Value	$9.81	$11.85	$13.96
Upside / Downside	-24.04%	-8.21%	8.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25.31	24.81	24.31	23.83	23.35	22.89	23.57
Payout Ratio	83.81%	85.05%	86.29%	87.53%	88.76%	90.00%	92.50%
Projected Dividends (M)	21.21	21.10	20.98	20.86	20.73	20.60	21.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.99%	-1.99%	-0.99%
Year 1 PV (M)	19.21	19.41	19.61
Year 2 PV (M)	17.40	17.76	18.12
Year 3 PV (M)	15.75	16.24	16.74
Year 4 PV (M)	14.25	14.85	15.47
Year 5 PV (M)	12.90	13.58	14.28
PV of Terminal Value (M)	239.70	252.31	265.45
Equity Value (M)	319.21	334.14	349.67
Shares Outstanding (M)	17.14	17.14	17.14
Fair Value	$18.63	$19.50	$20.40
Upside / Downside	44.27%	51.03%	58.04%

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