Definitive Analysis
| Stable Growth | $8.44 - $13.31 | $10.67 |
| Multi-Stage | $17.33 - $19.05 | $18.17 |
| Blended Fair Value | $14.42 | |
| Current Price | $3.83 | |
| Upside | 276.54% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.80% | 13.46% | 0.28 | 0.41 | 0.43 | 0.43 | 0.00 | 0.27 | 0.22 | 0.20 | 0.10 | 0.08 |
| YoY Growth | - | - | -30.60% | -5.93% | -0.50% | 170,700.00% | -99.91% | 21.85% | 13.40% | 96.54% | 25.83% | -0.57% |
| Dividend Yield | - | - | 11.21% | 10.82% | 9.08% | 8.67% | 0.01% | 4.45% | 5.02% | 3.93% | 1.55% | 1.64% |
| Net Income To Common (M) | 16.70 |
| (-) Cash Dividends Paid (M) | 10.41 |
| (=) Cash Retained (M) | 6.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3.34 | 2.09 | 1.25 |
| Cash Retained (M) | 6.29 | 6.29 | 6.29 |
| (-) Cash Required (M) | -3.34 | -2.09 | -1.25 |
| (=) Excess Retained (M) | 2.95 | 4.20 | 5.04 |
| (/) Shares Outstanding (M) | 19.71 | 19.71 | 19.71 |
| (=) Excess Retained per Share | 0.15 | 0.21 | 0.26 |
| LTM Dividend per Share | 0.53 | 0.53 | 0.53 |
| (+) Excess Retained per Share | 0.15 | 0.21 | 0.26 |
| (=) Adjusted Dividend | 0.68 | 0.74 | 0.78 |
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | -1.20% | -0.20% | 0.80% |
| Fair Value | $8.44 | $10.67 | $13.31 |
| Upside / Downside | 120.35% | 178.55% | 247.52% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 16.70 | 16.66 | 16.63 | 16.60 | 16.56 | 16.53 | 17.03 |
| Payout Ratio | 62.33% | 67.86% | 73.40% | 78.93% | 84.47% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.41 | 11.31 | 12.21 | 13.10 | 13.99 | 14.88 | 15.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | -1.20% | -0.20% | 0.80% |
| Year 1 PV (M) | 10.49 | 10.60 | 10.70 |
| Year 2 PV (M) | 10.50 | 10.71 | 10.93 |
| Year 3 PV (M) | 10.45 | 10.77 | 11.10 |
| Year 4 PV (M) | 10.35 | 10.78 | 11.22 |
| Year 5 PV (M) | 10.21 | 10.74 | 11.29 |
| PV of Terminal Value (M) | 289.58 | 304.53 | 320.10 |
| Equity Value (M) | 341.59 | 358.14 | 375.34 |
| Shares Outstanding (M) | 19.71 | 19.71 | 19.71 |
| Fair Value | $17.33 | $18.17 | $19.05 |
| Upside / Downside | 352.60% | 374.53% | 397.32% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ATCOL | Atlas Corp. | 3.53% | $0.89 | 30.47% |
| AWC-R.BK | Asset World Corp Public Company Limited | 3.53% | $0.07 | 37.62% |
| CCRO3.SA | CCR S.A. | 3.53% | $0.48 | 66.57% |
| HMU.DE | HMS Bergbau AG | 3.53% | $1.69 | 29.89% |
| RAUTE.HE | Raute Oyj | 3.53% | $0.52 | 26.97% |
| RWE.DE | RWE AG | 3.53% | $1.66 | 46.76% |
| SNL.AX | Supply Network Limited | 3.53% | $1.13 | 67.28% |
| 0NHS.L | Nutrien Ltd. | 3.52% | $2.18 | 58.76% |
| CELL.MI | Cellularline S.p.A. | 3.52% | $0.09 | 34.70% |
| INFREA.ST | Infrea AB | 3.52% | $0.50 | 67.57% |
| ISSP.JK | PT Steel Pipe Industry of Indonesia Tbk | 3.52% | $15.00 | 19.85% |
| MGA | Magna International Inc. | 3.52% | $1.92 | 52.47% |
| PARP.PA | Groupe Partouche S.A. | 3.52% | $0.64 | 38.61% |
| PKI.TO | Parkland Corporation | 3.52% | $1.40 | 73.81% |
| SMU.SN | SMU S.A. | 3.52% | $5.49 | 46.99% |
| 161390.KS | Hankook Tire & Technology Co., Ltd. | 3.51% | $2,000.00 | 25.86% |
| 300360.SZ | Hangzhou Sunrise Technology Co., Ltd. | 3.51% | $0.61 | 52.03% |
| 5106.KL | Axis Real Estate Investment Trust | 3.51% | $0.07 | 56.99% |
| 601128.SS | Jiangsu Changshu Rural Commercial Bank Co., Ltd. | 3.51% | $0.25 | 19.56% |
| INTP.JK | PT Indocement Tunggal Prakarsa Tbk | 3.51% | $259.81 | 43.04% |
| RATO-A.ST | Ratos AB (publ) | 3.51% | $1.35 | 12.15% |
| 002887.SZ | Tianjin LVYIN Landscape and Ecology Construction Co., Ltd | 3.50% | $0.33 | 84.50% |
| 603062.SS | MEGA P&C Advanced Materials (Shanghai) Company Limited | 3.50% | $1.66 | 74.27% |
| CMCL | Caledonia Mining Corporation Plc | 3.50% | $0.92 | 35.87% |
| DLO | DLocal Limited | 3.50% | $0.49 | 87.74% |
| LAZ | Lazard Ltd | 3.50% | $1.74 | 67.48% |
| TWL.MI | TraWell Co S.p.A. | 3.50% | $0.21 | 28.69% |
| WJP.SI | VICOM Ltd | 3.50% | $0.06 | 66.95% |
| 005610.KS | SPC Samlip Co., Ltd. | 3.49% | $1,803.39 | 45.19% |
| 0RFL.L | VAT Group AG | 3.49% | $12.50 | 88.50% |
| 2030.HK | Cabbeen Fashion Limited | 3.49% | $0.05 | 63.92% |
| 5206.TWO | Kunyue Development Co., Ltd. | 3.49% | $1.18 | 21.91% |
| 5246.KL | Westports Holdings Berhad | 3.49% | $0.20 | 71.36% |
| 5989.T | H-One Co.,Ltd. | 3.49% | $49.44 | 14.49% |
| ACO-X.TO | ATCO Ltd. | 3.49% | $1.98 | 50.80% |
| CNI | Canadian National Railway Company | 3.49% | $3.50 | 50.64% |
| PEAB3.SA | Companhia de Participações Aliança da Bahia | 3.49% | $1.36 | 78.68% |
| 026960.KS | Dong Suh Companies Inc. | 3.48% | $905.33 | 62.72% |
| 055550.KS | Shinhan Financial Group Co., Ltd. | 3.48% | $2,668.74 | 26.55% |
| 0QK5.L | INFICON Holding AG | 3.48% | $3.44 | 43.54% |
| 6722.TWO | Whetron Electronics Co.,Ltd. | 3.48% | $1.99 | 24.71% |
| HOLM-A.ST | Holmen AB (publ) | 3.48% | $12.23 | 66.11% |
| 002206.SZ | Zhejiang Hailide New Material Co.,Ltd | 3.47% | $0.20 | 43.30% |
| 3004.SR | Northern Region Cement Company | 3.47% | $0.25 | 79.89% |
| 4129.TWO | United Orthopedic Corporation | 3.47% | $3.80 | 69.70% |
| 600133.SS | Wuhan East Lake High Technology Group Co., Ltd. | 3.47% | $0.32 | 87.27% |
| 601995.SS | China International Capital Corporation Limited | 3.47% | $1.21 | 62.35% |
| 6471.T | NSK Ltd. | 3.47% | $33.82 | 92.34% |
| CSED3.SA | Cruzeiro do Sul Educacional S.A. | 3.47% | $0.21 | 30.49% |
| GPRA.JK | PT Perdana Gapuraprima Tbk | 3.47% | $5.00 | 18.12% |