Definitive Analysis
| Stable Growth | $7.96 - $12.61 | $10.08 |
| Multi-Stage | $19.93 - $21.99 | $20.94 |
| Blended Fair Value | $15.51 | |
| Current Price | $9.95 | |
| Upside | 55.88% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 39.73 |
| (-) Cash Dividends Paid (M) | 2.43 |
| (=) Cash Retained (M) | 37.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.95 | 4.97 | 2.98 |
| Cash Retained (M) | 37.30 | 37.30 | 37.30 |
| (-) Cash Required (M) | -7.95 | -4.97 | -2.98 |
| (=) Excess Retained (M) | 29.36 | 32.34 | 34.32 |
| (/) Shares Outstanding (M) | 50.00 | 50.00 | 50.00 |
| (=) Excess Retained per Share | 0.59 | 0.65 | 0.69 |
| LTM Dividend per Share | 0.05 | 0.05 | 0.05 |
| (+) Excess Retained per Share | 0.59 | 0.65 | 0.69 |
| (=) Adjusted Dividend | 0.64 | 0.70 | 0.73 |
| WACC / Discount Rate | 5.83% | 5.83% | 5.83% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $7.96 | $10.08 | $12.61 |
| Upside / Downside | -20.03% | 1.30% | 26.72% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 39.73 | 39.33 | 38.94 | 38.55 | 38.16 | 37.78 | 38.91 |
| Payout Ratio | 6.11% | 22.89% | 39.66% | 56.44% | 73.22% | 90.00% | 92.50% |
| Projected Dividends (M) | 2.43 | 9.00 | 15.44 | 21.76 | 27.94 | 34.00 | 35.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 5.83% | 5.83% | 5.83% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 8.42 | 8.51 | 8.59 |
| Year 2 PV (M) | 13.51 | 13.79 | 14.07 |
| Year 3 PV (M) | 17.81 | 18.36 | 18.92 |
| Year 4 PV (M) | 21.39 | 22.28 | 23.19 |
| Year 5 PV (M) | 24.35 | 25.61 | 26.93 |
| PV of Terminal Value (M) | 911.11 | 958.56 | 1,007.96 |
| Equity Value (M) | 996.59 | 1,047.10 | 1,099.66 |
| Shares Outstanding (M) | 50.00 | 50.00 | 50.00 |
| Fair Value | $19.93 | $20.94 | $21.99 |
| Upside / Downside | 100.32% | 110.47% | 121.04% |
| 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% |