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In difficult economic times, it makes sense to scout for investment opportunities with robust business models and sustainable dividends. Despite the uncertainty, many companies have a good ongoing business operation, and they are still confident about the economic future. That's why they have raised dividends. Last week, 34 companies raised distributions, of which 15 have had a double digit dividend growth. However, I screened the recent dividend growth stocks by real bargains, measured by a P/E ratio of less than 15. These are the detailed results:

1. Hercules Technology Growth Capital (NYSE:HTGC) has a market capitalization of $457.83 million. The company employs 52 people, generates revenues of $59.47 million and has a net income of $4.98 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $29.77 million. Because of these figures, the EBITDA margin is 50.06% (operating margin 49.39% and the net profit margin finally 8.38%).

The total debt representing 28.75% of the company's assets and the total debt in relation to the equity amounts to 41.21%. Last fiscal, a return on equity of 1.28% was realized. Twelve trailing months earnings per share reached a value of $0.98. Last fiscal year, the company paid $0.80 in form of dividends to shareholders. The company announced to raise dividends by 4.50%.

Here are the price ratios of the company: The P/E ratio is 10.71, Price/Sales 7.70 and Price/Book ratio 1.10. Dividend Yield: 8.80%. The beta ratio is 1.46.

2. Seacube Container Leasing (NYSE:BOX-OLD) has a market capitalization of $332.29 million. The company employs 75 people, generates revenues of $137.25 million and has a net income of $29.62 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $109.22 million. Because of these figures, the EBITDA margin is 79.58% (operating margin 22.16% and the net profit margin finally 21.58%).

The total debt representing 72.32% of the company's assets and the total debt in relation to the equity amounts to 419.53%. Last fiscal, a return on equity of 13.94% was realized. Twelve trailing months earnings per share reached a value of $1.88. Last fiscal year, the company paid $0.38 in form of dividends to shareholders. The company announced to raise dividends by 8.30%.

Here are the price ratios of the company: The P/E ratio is 8.76, Price/Sales 2.42 and Price/Book ratio 1.74. Dividend Yield: 6.31%. The beta ratio is not calculable.

3. Westar Energy (NYSE:WR) has a market capitalization of $3.49 billion. The company employs 2,409 people, generates revenues of $2,170.99 million and has a net income of $236.18 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $775.03 million. Because of these figures, the EBITDA margin is 35.70% (operating margin 23.60% and the net profit margin finally 10.88%).

The total debt representing 35.18% of the company's assets and the total debt in relation to the equity amounts to 109.47%. Last fiscal, a return on equity of 8.87% was realized. Twelve trailing months earnings per share reached a value of $1.94. Last fiscal year, the company paid $1.28 in form of dividends to shareholders. The company announced to raise dividends by 3.10%.

Here are the price ratios of the company: The P/E ratio is 14.24, Price/Sales 1.61 and Price/Book ratio 1.26. Dividend Yield: 4.77%. The beta ratio is 0.56.

4. Sempra Energy (NYSE:SRE) has a market capitalization of $14.17 billion. The company employs 17,483 people, generates revenues of $10,036.00 million and has a net income of $1,355.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $2,722.00 million. Because of these figures, the EBITDA margin is 27.12% (operating margin 17.38% and the net profit margin finally 13.50%).

The total debt representing 32.57% of the company's assets and the total debt in relation to the equity amounts to 110.19%. Last fiscal, a return on equity of 14.39% was realized. Twelve trailing months earnings per share reached a value of $5.62. Last fiscal year, the company paid $1.92 in form of dividends to shareholders. The company announced to raise dividends by 25.00%.

Here are the price ratios of the company: The P/E ratio is 10.47, Price/Sales 1.41 and Price/Book ratio 1.44. Dividend Yield: 4.08%. The beta ratio is 0.54.

5. Teche Holding Company (NYSEMKT:TSH) has a market capitalization of $77.79 million. The company employs 244 people, generates revenues of $39.36 million and has a net income of $7.23 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $17.45 million. Because of these figures, the EBITDA margin is 44.33% (operating margin 23.40% and the net profit margin finally 15.80%).

The company has no long-term debt. Last fiscal, a return on equity of 9.30% was realized. Twelve trailing months earnings per share reached a value of $3.44. Last fiscal year, the company paid $1.44 in form of dividends to shareholders. The company announced to raise dividends by 1.40%.

Here are the price ratios of the company: The P/E ratio is 10.94, Price/Sales 1.70 and Price/Book ratio 0.97. Dividend Yield: 3.88%. The beta ratio is 0.52.

6. Harris Corporation (NYSE:HRS) has a market capitalization of $4.99 billion. The company employs 17,000 people, generates revenues of $5,924.60 million and has a net income of $587.10 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,173.40 million. Because of these figures, the EBITDA margin is 19.81% (operating margin 16.36% and the net profit margin finally 9.91%).

The total debt representing 33.57% of the company's assets and the total debt in relation to the equity amounts to 82.82%. Last fiscal, a return on equity of 24.76% was realized. Twelve trailing months earnings per share reached a value of $4.32. Last fiscal year, the company paid $1.00 in form of dividends to shareholders. The company announced to raise dividends by 17.90%.

Here are the price ratios of the company: The P/E ratio is 10.13, Price/Sales 0.84 and Price/Book ratio 2.15. Dividend Yield: 3.01%. The beta ratio is 0.97.

7. Wal-Mart Stores (NYSE:WMT) has a market capitalization of $202.09 billion. The company employs 2,100,000 people, generates revenues of $446,950.00 million and has a net income of $16,454.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $34,688.00 million. Because of these figures, the EBITDA margin is 7.76% (operating margin 5.94% and the net profit margin finally 3.68%).

The total debt representing 27.62% of the company's assets and the total debt in relation to the equity amounts to 74.92%. Last fiscal, a return on equity of 22.55% was realized. Twelve trailing months earnings per share reached a value of $4.54. Last fiscal year, the company paid $1.46 in form of dividends to shareholders. The company announced to raise dividends by 8.90%.

Here are the price ratios of the company: The P/E ratio is 12.99, Price/Sales 0.45 and Price/Book ratio 2.83. Dividend Yield: 2.69%. The beta ratio is 0.34.

8. Symetra Financial (NYSE:SYA) has a market capitalization of $1.23 billion. The company employs 1,100 people, generates revenues of $1,999.10 million and has a net income of $199.60 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $395.70 million. Because of these figures, the EBITDA margin is 19.79% (operating margin 13.96% and the net profit margin finally 9.98%).

The total debt representing 1.59% of the company's assets and the total debt in relation to the equity amounts to 14.33%. Last fiscal, a return on equity of 7.24% was realized. Twelve trailing months earnings per share reached a value of $1.45. Last fiscal year, the company paid $0.23 in form of dividends to shareholders. The company announced to raise dividends by 16.70%.

Here are the price ratios of the company: The P/E ratio is 7.16, Price/Sales 0.62 and Price/Book ratio 0.39. Dividend Yield: 2.69%. The beta ratio is not calculable.

9. Deere & Company (NYSE:DE) has a market capitalization of $33.19 billion. The company employs 61,300 people, generates revenues of $32,012.50 million and has a net income of $2,799.20 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $5,903.20 million. Because of these figures, the EBITDA margin is 18.44% (operating margin 13.19% and the net profit margin finally 8.74%).

The total debt representing 55.16% of the company's assets and the total debt in relation to the equity amounts to 391.01%. Last fiscal, a return on equity of 42.76% was realized. Twelve trailing months earnings per share reached a value of $6.73. Last fiscal year, the company paid $1.52 in form of dividends to shareholders. The company announced to raise dividends by 12.20%.

Here are the price ratios of the company: The P/E ratio is 12.23, Price/Sales 1.03 and Price/Book ratio 4.91. Dividend Yield: 2.24%. The beta ratio is 1.53.

10. Innophos Holdings (NASDAQ:IPHS) has a market capitalization of $1.08 billion. The company employs 1,087 people, generates revenues of $810.49 million and has a net income of $86.52 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $180.69 million. Because of these figures, the EBITDA margin is 22.29% (operating margin 16.90% and the net profit margin finally 10.68%).

The total debt representing 22.12% of the company's assets and the total debt in relation to the equity amounts to 38.66%. Last fiscal, a return on equity of 23.90% was realized. Twelve trailing months earnings per share reached a value of $3.83. Last fiscal year, the company paid $1.00 in form of dividends to shareholders. The company announced to raise dividends by 8.00%.

Here are the price ratios of the company: The P/E ratio is 12.99, Price/Sales 1.33 and Price/Book ratio 2.74. Dividend Yield: 2.17%. The beta ratio is 1.47.

11. Telephone & Data Systems (NYSE:TDS) has a market capitalization of $3.86 billion. The company employs 12,300 people, generates revenues of $5,180.47 million and has a net income of $250.24 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,128.28 million. Because of these figures, the EBITDA margin is 21.78% (operating margin 7.00% and the net profit margin finally 4.83%).

The total debt representing 18.67% of the company's assets and the total debt in relation to the equity amounts to 38.64%. Last fiscal, a return on equity of 5.15% was realized. Twelve trailing months earnings per share reached a value of $1.83. Last fiscal year, the company paid $0.43 in form of dividends to shareholders. The company announced to raise dividends by 4.30%.

Here are the price ratios of the company: The P/E ratio is 13.58, Price/Sales 0.52 and Price/Book ratio 0.74. Dividend Yield: 1.97%. The beta ratio is 0.82.

12. Cubic Corporation (NYSE:CUB) has a market capitalization of $1.23 billion. The company employs 7,800 people, generates revenues of $1,285.20 million and has a net income of $85.08 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $134.68 million. Because of these figures, the EBITDA margin is 10.48% (operating margin 8.74% and the net profit margin finally 6.62%).

The total debt representing 1.66% of the company's assets and the total debt in relation to the equity amounts to 2.88%. Last fiscal, a return on equity of 16.30% was realized. Twelve trailing months earnings per share reached a value of $3.23. Last fiscal year, the company paid $0.28 in form of dividends to shareholders. The company announced to raise dividends by 33.30%.

Here are the price ratios of the company: The P/E ratio is 14.25, Price/Sales 0.96 and Price/Book ratio 2.23. Dividend Yield: 0.52%. The beta ratio is 0.91.

Source: 12 Cheap Stocks With Recent Dividend Hikes