Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Leuthold Core Investment Fund Class Institutional (LCRIX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$7.81 - $10.62$9.24
Multi-Stage$25.86 - $28.73$27.26
Blended Fair Value$18.25
Current Price$22.59
Upside-19.21%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%-29.15%0.080.080.080.544.270.004.254.164.123.90
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.504.692.81
Cash Retained (M)35.6535.6535.65
(-) Cash Required (M)-7.50-4.69-2.81
(=) Excess Retained (M)28.1530.9632.84
(/) Shares Outstanding (M)22.8622.8622.86
(=) Excess Retained per Share1.231.351.44
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share1.231.351.44
(=) Adjusted Dividend1.311.441.52
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate-9.18%-8.18%-7.18%
Fair Value$7.81$9.24$10.62
Upside / Downside-65.44%-59.10%-53.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)37.5234.4531.6429.0526.6724.4925.23
Payout Ratio4.98%21.99%38.99%55.99%73.00%90.00%92.50%
Projected Dividends (M)1.877.5812.3416.2719.4722.0423.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate-9.18%-8.18%-7.18%
Year 1 PV (M)7.067.147.22
Year 2 PV (M)10.7210.9611.20
Year 3 PV (M)13.1813.6214.07
Year 4 PV (M)14.7115.3616.05
Year 5 PV (M)15.5216.3917.31
PV of Terminal Value (M)529.82559.64590.78
Equity Value (M)591.01623.11656.62
Shares Outstanding (M)22.8622.8622.86
Fair Value$25.86$27.26$28.73
Upside / Downside14.46%20.68%27.17%

High-Yield Dividend Screener

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