DDM Analysis: LCRIX

Valuation Snapshot

Stable Growth	$7.21 - $9.70	$8.49
Multi-Stage	$18.13 - $20.12	$19.10
Blended Fair Value	$13.80
Current Price	$22.59
Upside	-38.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	-29.15%	0.08	0.08	0.08	0.54	4.27	0.00	4.25	4.16	4.12	3.90
YoY Growth	-	-	0.81%	1.04%	-85.26%	-87.24%	0.00%	-100.00%	2.10%	0.97%	5.78%	51.92%
Dividend Yield	-	-	0.36%	0.40%	0.36%	2.44%	25.10%	0.00%	20.68%	21.91%	23.05%	20.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.52
(-) Cash Dividends Paid (M)	1.87
(=) Cash Retained (M)	35.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.50	4.69	2.81
Cash Retained (M)	35.65	35.65	35.65
(-) Cash Required (M)	-7.50	-4.69	-2.81
(=) Excess Retained (M)	28.15	30.96	32.84
(/) Shares Outstanding (M)	22.86	22.86	22.86
(=) Excess Retained per Share	1.23	1.35	1.44
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	1.23	1.35	1.44
(=) Adjusted Dividend	1.31	1.44	1.52
WACC / Discount Rate	7.36%	7.36%	7.36%
Growth Rate	-9.18%	-8.18%	-7.18%
Fair Value	$7.21	$8.49	$9.70
Upside / Downside	-68.06%	-62.41%	-57.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.52	34.45	31.64	29.05	26.67	24.49	25.23
Payout Ratio	4.98%	21.99%	38.99%	55.99%	73.00%	90.00%	92.50%
Projected Dividends (M)	1.87	7.58	12.34	16.27	19.47	22.04	23.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.36%	7.36%	7.36%
Growth Rate	-9.18%	-8.18%	-7.18%
Year 1 PV (M)	6.98	7.06	7.13
Year 2 PV (M)	10.47	10.70	10.94
Year 3 PV (M)	12.72	13.15	13.58
Year 4 PV (M)	14.03	14.66	15.31
Year 5 PV (M)	14.63	15.46	16.32
PV of Terminal Value (M)	355.62	375.64	396.54
Equity Value (M)	414.46	436.66	459.82
Shares Outstanding (M)	22.86	22.86	22.86
Fair Value	$18.13	$19.10	$20.12
Upside / Downside	-19.73%	-15.43%	-10.94%

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MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
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BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
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ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
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PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
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BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
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Leuthold Core Investment Fund Class Institutional (LCRIX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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