Definitive Analysis
| Stable Growth | $12.46 - $17.06 | $14.79 |
| Multi-Stage | $24.91 - $27.33 | $26.10 |
| Blended Fair Value | $20.44 | |
| Current Price | $13.17 | |
| Upside | 55.24% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.43% | -4.48% | 1.00 | 0.88 | 1.26 | 1.40 | 1.34 | 1.19 | 1.24 | 1.29 | 1.39 | 1.49 |
| YoY Growth | - | - | 14.51% | -30.54% | -9.92% | 4.32% | 12.36% | -3.57% | -4.39% | -7.10% | -6.71% | -5.80% |
| Dividend Yield | - | - | 7.09% | 7.34% | 10.18% | 7.51% | 8.67% | 6.96% | 7.98% | 7.24% | 8.33% | 9.82% |
| Net Income To Common (M) | 20.93 |
| (-) Cash Dividends Paid (M) | 15.69 |
| (=) Cash Retained (M) | 5.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4.19 | 2.62 | 1.57 |
| Cash Retained (M) | 5.24 | 5.24 | 5.24 |
| (-) Cash Required (M) | -4.19 | -2.62 | -1.57 |
| (=) Excess Retained (M) | 1.05 | 2.62 | 3.67 |
| (/) Shares Outstanding (M) | 8.74 | 8.74 | 8.74 |
| (=) Excess Retained per Share | 0.12 | 0.30 | 0.42 |
| LTM Dividend per Share | 1.79 | 1.79 | 1.79 |
| (+) Excess Retained per Share | 0.12 | 0.30 | 0.42 |
| (=) Adjusted Dividend | 1.91 | 2.09 | 2.21 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.43% | -4.43% | -3.43% |
| Fair Value | $12.46 | $14.79 | $17.06 |
| Upside / Downside | -5.38% | 12.32% | 29.56% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 20.93 | 20.00 | 19.11 | 18.27 | 17.46 | 16.68 | 17.18 |
| Payout Ratio | 74.97% | 77.98% | 80.98% | 83.99% | 86.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 15.69 | 15.60 | 15.48 | 15.34 | 15.19 | 15.02 | 15.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.43% | -4.43% | -3.43% |
| Year 1 PV (M) | 14.15 | 14.29 | 14.44 |
| Year 2 PV (M) | 12.73 | 13.00 | 13.28 |
| Year 3 PV (M) | 11.45 | 11.82 | 12.19 |
| Year 4 PV (M) | 10.28 | 10.72 | 11.18 |
| Year 5 PV (M) | 9.22 | 9.72 | 10.23 |
| PV of Terminal Value (M) | 160.02 | 168.66 | 177.67 |
| Equity Value (M) | 217.84 | 228.21 | 238.99 |
| Shares Outstanding (M) | 8.74 | 8.74 | 8.74 |
| Fair Value | $24.91 | $26.10 | $27.33 |
| Upside / Downside | 89.15% | 98.16% | 107.52% |
| 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% |