Definitive Analysis
| Stable Growth | $11.74 - $16.07 | $13.93 |
| Multi-Stage | $23.36 - $25.64 | $24.48 |
| Blended Fair Value | $19.20 | |
| Current Price | $10.96 | |
| Upside | 75.20% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.45% | -4.66% | 0.94 | 0.98 | 1.18 | 1.33 | 1.20 | 1.12 | 1.13 | 1.31 | 1.44 | 1.46 |
| YoY Growth | - | - | -3.89% | -17.16% | -11.65% | 10.74% | 7.70% | -1.06% | -13.85% | -8.77% | -1.78% | -3.20% |
| Dividend Yield | - | - | 8.40% | 9.80% | 11.06% | 9.84% | 10.15% | 8.46% | 8.89% | 9.24% | 10.75% | 10.77% |
| Net Income To Common (M) | 30.35 |
| (-) Cash Dividends Paid (M) | 21.74 |
| (=) Cash Retained (M) | 8.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.07 | 3.79 | 2.28 |
| Cash Retained (M) | 8.61 | 8.61 | 8.61 |
| (-) Cash Required (M) | -6.07 | -3.79 | -2.28 |
| (=) Excess Retained (M) | 2.54 | 4.82 | 6.34 |
| (/) Shares Outstanding (M) | 13.45 | 13.45 | 13.45 |
| (=) Excess Retained per Share | 0.19 | 0.36 | 0.47 |
| LTM Dividend per Share | 1.62 | 1.62 | 1.62 |
| (+) Excess Retained per Share | 0.19 | 0.36 | 0.47 |
| (=) Adjusted Dividend | 1.81 | 1.98 | 2.09 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.45% | -4.45% | -3.45% |
| Fair Value | $11.74 | $13.93 | $16.07 |
| Upside / Downside | 7.08% | 27.09% | 46.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 30.35 | 29.00 | 27.71 | 26.48 | 25.30 | 24.17 | 24.90 |
| Payout Ratio | 71.62% | 75.30% | 78.97% | 82.65% | 86.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 21.74 | 21.84 | 21.88 | 21.88 | 21.84 | 21.76 | 23.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.45% | -4.45% | -3.45% |
| Year 1 PV (M) | 19.81 | 20.02 | 20.23 |
| Year 2 PV (M) | 18.00 | 18.39 | 18.77 |
| Year 3 PV (M) | 16.33 | 16.85 | 17.39 |
| Year 4 PV (M) | 14.78 | 15.42 | 16.07 |
| Year 5 PV (M) | 13.35 | 14.08 | 14.83 |
| PV of Terminal Value (M) | 231.84 | 244.36 | 257.42 |
| Equity Value (M) | 314.12 | 329.11 | 344.71 |
| Shares Outstanding (M) | 13.45 | 13.45 | 13.45 |
| Fair Value | $23.36 | $24.48 | $25.64 |
| Upside / Downside | 113.14% | 123.32% | 133.90% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| MDC | M.D.C. Holdings, Inc. | 0.86% | $0.54 | 55.94% |
| AXP | American Express Company | 0.85% | $3.17 | 20.85% |
| FOXA | Fox Corporation | 0.85% | $0.62 | 13.96% |
| LMST | Limestone Bancorp, Inc. | 0.85% | $0.20 | 8.06% |
| RCL | Royal Caribbean Cruises Ltd. | 0.85% | $2.41 | 16.19% |
| AZZ | AZZ Inc. | 0.84% | $0.92 | 8.89% |
| HIBB | Hibbett, Inc. | 0.84% | $0.74 | 9.00% |
| 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% |
| 0HYJ.L | Cintas Corporation | 0.83% | $1.54 | 34.15% |
| EFX | Equifax Inc. | 0.83% | $1.78 | 33.46% |
| GM | General Motors Company | 0.82% | $0.66 | 21.22% |
| KVSA | Khosla Ventures Acquisition Co. | 0.81% | $0.09 | 9.61% |
| WMT | Walmart Inc. | 0.81% | $0.91 | 31.92% |
| 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% |
| 0HQN.L | Cboe Global Markets, Inc. | 0.76% | $1.90 | 20.31% |
| ASIC | Ategrity Specialty Holdings LLC | 0.76% | $0.15 | 12.77% |
| GL | Globe Life Inc. | 0.75% | $1.03 | 7.35% |
| 0KYY.L | S&P Global Inc. | 0.74% | $3.81 | 28.09% |
| 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% |
| FCFS | FirstCash Holdings, Inc | 0.72% | $1.13 | 16.40% |
| TRAK | ReposiTrak, Inc. | 0.72% | $0.09 | 22.94% |
| BKNG | Booking Holdings Inc. | 0.71% | $37.78 | 24.39% |
| PGC | Peapack-Gladstone Financial Corporation | 0.71% | $0.20 | 10.22% |
| ASO | Academy Sports and Outdoors, Inc. | 0.70% | $0.37 | 6.63% |
| BRO | Brown & Brown, Inc. | 0.70% | $0.54 | 18.02% |
| INTU | Intuit Inc. | 0.70% | $4.39 | 29.97% |
| MSFT | Microsoft Corporation | 0.70% | $3.31 | 23.52% |
| NCR | NCR Corporation | 0.70% | $0.11 | 1.70% |