DDM Analysis: NOA

Valuation Snapshot

Stable Growth	$58.19 - $241.65	$148.55
Multi-Stage	$28.86 - $31.58	$30.20
Blended Fair Value	$89.37
Current Price	$19.77
Upside	352.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.23%	17.60%	0.34	0.32	0.25	0.14	0.11	0.08	0.06	0.07	0.06	0.10
YoY Growth	-	-	6.08%	29.09%	75.74%	28.92%	35.29%	26.42%	-8.19%	20.25%	-44.84%	56.56%
Dividend Yield	-	-	1.48%	1.04%	1.09%	0.77%	0.80%	1.12%	0.40%	1.03%	0.87%	3.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.52
(-) Cash Dividends Paid (M)	12.69
(=) Cash Retained (M)	25.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.70	4.81	2.89
Cash Retained (M)	25.83	25.83	25.83
(-) Cash Required (M)	-7.70	-4.81	-2.89
(=) Excess Retained (M)	18.12	21.01	22.94
(/) Shares Outstanding (M)	31.70	31.70	31.70
(=) Excess Retained per Share	0.57	0.66	0.72
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.57	0.66	0.72
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$58.19	$148.55	$241.65
Upside / Downside	194.36%	651.38%	1,122.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.52	41.02	43.69	46.53	49.55	52.77	54.35
Payout Ratio	32.95%	44.36%	55.77%	67.18%	78.59%	90.00%	92.50%
Projected Dividends (M)	12.69	18.20	24.36	31.26	38.94	47.49	50.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16.81	16.97	17.12
Year 2 PV (M)	20.78	21.18	21.58
Year 3 PV (M)	24.62	25.33	26.05
Year 4 PV (M)	28.33	29.42	30.54
Year 5 PV (M)	31.91	33.45	35.05
PV of Terminal Value (M)	792.54	830.82	870.56
Equity Value (M)	914.99	957.16	1,000.91
Shares Outstanding (M)	31.70	31.70	31.70
Fair Value	$28.86	$30.20	$31.58
Upside / Downside	46.00%	52.73%	59.71%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 24 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

Financial Statements

Periods / Units / Analysis

Fundamentals

Valuations

Miscellaneous

Ticker

Industry

Sector

North American Construction Group Ltd. (NOA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener