Definitive Analysis
| Stable Growth | $7.47 - $10.75 | $9.07 |
| Multi-Stage | $12.54 - $13.75 | $13.14 |
| Blended Fair Value | $11.10 | |
| Current Price | $14.21 | |
| Upside | -21.85% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.57 | 0.59 | 0.44 | 0.92 | 0.18 | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -3.78% | 34.34% | -52.49% | 404.46% | 0.00% | -100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.42% | 5.07% | 4.22% | 5.40% | 1.35% | 0.00% | 0.36% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 10.64 |
| (-) Cash Dividends Paid (M) | 5.78 |
| (=) Cash Retained (M) | 4.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.13 | 1.33 | 0.80 |
| Cash Retained (M) | 4.86 | 4.86 | 4.86 |
| (-) Cash Required (M) | -2.13 | -1.33 | -0.80 |
| (=) Excess Retained (M) | 2.73 | 3.53 | 4.06 |
| (/) Shares Outstanding (M) | 10.06 | 10.06 | 10.06 |
| (=) Excess Retained per Share | 0.27 | 0.35 | 0.40 |
| LTM Dividend per Share | 0.57 | 0.57 | 0.57 |
| (+) Excess Retained per Share | 0.27 | 0.35 | 0.40 |
| (=) Adjusted Dividend | 0.85 | 0.93 | 0.98 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $7.47 | $9.07 | $10.75 |
| Upside / Downside | -47.41% | -36.14% | -24.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10.64 | 10.54 | 10.43 | 10.33 | 10.22 | 10.12 | 10.43 |
| Payout Ratio | 54.33% | 61.46% | 68.60% | 75.73% | 82.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 5.78 | 6.48 | 7.16 | 7.82 | 8.47 | 9.11 | 9.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 5.88 | 5.94 | 6.00 |
| Year 2 PV (M) | 5.89 | 6.01 | 6.13 |
| Year 3 PV (M) | 5.84 | 6.02 | 6.21 |
| Year 4 PV (M) | 5.74 | 5.98 | 6.23 |
| Year 5 PV (M) | 5.60 | 5.89 | 6.20 |
| PV of Terminal Value (M) | 97.25 | 102.32 | 107.59 |
| Equity Value (M) | 126.21 | 132.16 | 138.35 |
| Shares Outstanding (M) | 10.06 | 10.06 | 10.06 |
| Fair Value | $12.54 | $13.14 | $13.75 |
| Upside / Downside | -11.73% | -7.56% | -3.23% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| KKR | KKR & Co. Inc. | 0.55% | $0.71 | 28.86% |
| UHS | Universal Health Services, Inc. | 0.55% | $1.21 | 5.70% |
| 0I0T.L | Coca-Cola Consolidated, Inc. | 0.54% | $0.81 | 11.41% |
| HSTM | HealthStream, Inc. | 0.54% | $0.12 | 17.69% |
| LLY | Eli Lilly and Company | 0.54% | $5.79 | 28.28% |
| TECH | Bio-Techne Corporation | 0.54% | $0.32 | 64.31% |
| TRU | TransUnion | 0.54% | $0.45 | 21.24% |
| VST | Vistra Corp. | 0.54% | $0.89 | 26.39% |
| 0R2Z.L | Mastercard Incorporated | 0.52% | $2.96 | 18.79% |
| DHR | Danaher Corporation | 0.52% | $1.19 | 24.18% |
| MKSI | MKS Inc. | 0.52% | $0.87 | 21.15% |
| 0JT5.L | Lam Research Corporation | 0.51% | $0.93 | 20.32% |
| 0JZ0.L | Martin Marietta Materials, Inc. | 0.51% | $3.22 | 16.93% |
| EVTC | EVERTEC, Inc. | 0.51% | $0.15 | 6.55% |
| GPI | Group 1 Automotive, Inc. | 0.51% | $2.01 | 6.83% |
| MUSA | Murphy USA Inc. | 0.51% | $2.05 | 8.36% |
| PCG | Pacific Gas & Electric Co. | 0.51% | $0.08 | 6.94% |
| CHE | Chemed Corporation | 0.50% | $2.11 | 11.01% |
| FBIO | Fortress Biotech, Inc. | 0.50% | $0.02 | 16.65% |
| HWKN | Hawkins, Inc. | 0.50% | $0.73 | 18.33% |
| NMRK | Newmark Group, Inc. | 0.50% | $0.08 | 20.64% |
| PRLH | Pearl Holdings Acquisition Corp | 0.50% | $0.06 | 54.69% |
| EXP | Eagle Materials Inc. | 0.48% | $1.02 | 7.46% |
| FCAX | Fortress Capital Acquisition Corp. | 0.48% | $0.05 | 6.11% |
| FSS | Federal Signal Corporation | 0.48% | $0.54 | 13.95% |
| AAON | AAON, Inc. | 0.47% | $0.37 | 30.87% |
| CR | Crane Company | 0.47% | $0.88 | 14.07% |
| HGTY | Hagerty, Inc. | 0.47% | $0.06 | 12.93% |
| IDCC | InterDigital, Inc. | 0.47% | $1.55 | 10.87% |
| PCG-PI | Pacific Gas and Electric Company PFD 1ST 4.36% | 0.47% | $0.08 | 6.94% |
| SEB | Seaboard Corporation | 0.47% | $20.86 | 5.03% |
| AMEH | Apollo Medical Holdings, Inc. | 0.46% | $0.18 | 93.62% |
| IDT | IDT Corporation | 0.46% | $0.23 | 7.15% |
| KAI | Kadant Inc. | 0.46% | $1.32 | 15.23% |
| PRGS | Progress Software Corporation | 0.46% | $0.19 | 17.10% |
| UI | Ubiquiti Inc. | 0.46% | $2.60 | 19.86% |
| WWE | World Wrestling Entertainment, Inc. | 0.46% | $0.46 | 21.62% |
| APH | Amphenol Corporation | 0.45% | $0.62 | 20.92% |
| DIS | The Walt Disney Company | 0.45% | $0.50 | 7.30% |
| ENTG | Entegris, Inc. | 0.45% | $0.40 | 21.08% |
| PCG-PC | Pacific Gas and Electric Company PFD 1ST 5% | 0.45% | $0.08 | 6.94% |
| WMS | Advanced Drainage Systems, Inc. | 0.45% | $0.68 | 11.54% |
| REVG | REV Group, Inc. | 0.44% | $0.27 | 14.08% |
| RYAN | Ryan Specialty Holdings, Inc. | 0.44% | $0.22 | 87.54% |
| TRS | TriMas Corporation | 0.44% | $0.16 | 14.97% |
| WAB | Westinghouse Air Brake Technologies Corporation | 0.44% | $0.96 | 13.90% |
| WING | Wingstop Inc. | 0.44% | $1.14 | 18.31% |
| TW | Tradeweb Markets Inc. | 0.43% | $0.46 | 15.57% |
| IBKR | Interactive Brokers Group, Inc. | 0.42% | $0.28 | 13.63% |
| MTRN | Materion Corporation | 0.42% | $0.55 | 58.77% |