Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Clarkston Partners Fund Institutional Class (CISMX)

Company Dividend Discount ModelIndustry: Sector:

Valuation Snapshot

Stable Growth$4.61 - $7.00$5.73
Multi-Stage$8.53 - $9.38$8.95
Blended Fair Value$7.34
Current Price$14.39
Upside-48.99%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%6.14%0.240.210.250.280.290.000.350.130.080.03
YoY Growth--10.31%-13.77%-12.62%-2.55%0.00%-100.00%173.24%49.05%166.91%-75.48%
Dividend Yield--1.64%1.57%1.50%1.68%2.82%0.00%2.74%1.08%0.82%0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27.54
(-) Cash Dividends Paid (M)9.01
(=) Cash Retained (M)18.52
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.513.442.07
Cash Retained (M)18.5218.5218.52
(-) Cash Required (M)-5.51-3.44-2.07
(=) Excess Retained (M)13.0115.0816.46
(/) Shares Outstanding (M)52.1552.1552.15
(=) Excess Retained per Share0.250.290.32
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.250.290.32
(=) Adjusted Dividend0.420.460.49
WACC / Discount Rate7.51%7.51%7.51%
Growth Rate-1.51%-0.51%0.49%
Fair Value$4.61$5.73$7.00
Upside / Downside-67.93%-60.15%-51.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27.5427.4027.2627.1226.9826.8527.65
Payout Ratio32.74%44.19%55.64%67.09%78.55%90.00%92.50%
Projected Dividends (M)9.0112.1115.1718.2021.1924.1625.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.51%7.51%7.51%
Growth Rate-1.51%-0.51%0.49%
Year 1 PV (M)11.1511.2611.37
Year 2 PV (M)12.8613.1213.39
Year 3 PV (M)14.2114.6415.09
Year 4 PV (M)15.2415.8616.51
Year 5 PV (M)15.9916.8217.68
PV of Terminal Value (M)375.47394.92415.17
Equity Value (M)444.91466.63489.21
Shares Outstanding (M)52.1552.1552.15
Fair Value$8.53$8.95$9.38
Upside / Downside-40.72%-37.82%-34.81%

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