Definitive Analysis
| Stable Growth | $14.18 - $25.78 | $19.00 |
| Multi-Stage | $14.77 - $16.13 | $15.43 |
| Blended Fair Value | $17.22 | |
| Current Price | $11.80 | |
| Upside | 45.92% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.56% | 5.41% | 0.54 | 0.56 | 0.60 | 0.60 | 0.53 | 0.50 | 0.46 | 0.39 | 0.35 | 0.30 |
| YoY Growth | - | - | -4.25% | -5.52% | -0.71% | 13.14% | 6.33% | 8.17% | 19.35% | 11.17% | 15.51% | -5.43% |
| Dividend Yield | - | - | 4.94% | 5.81% | 5.06% | 4.18% | 3.33% | 4.46% | 3.27% | 2.48% | 1.93% | 1.83% |
| Net Income To Common (M) | 39.45 |
| (-) Cash Dividends Paid (M) | 21.31 |
| (=) Cash Retained (M) | 18.14 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.89 | 4.93 | 2.96 |
| Cash Retained (M) | 18.14 | 18.14 | 18.14 |
| (-) Cash Required (M) | -7.89 | -4.93 | -2.96 |
| (=) Excess Retained (M) | 10.25 | 13.21 | 15.18 |
| (/) Shares Outstanding (M) | 40.48 | 40.48 | 40.48 |
| (=) Excess Retained per Share | 0.25 | 0.33 | 0.38 |
| LTM Dividend per Share | 0.53 | 0.53 | 0.53 |
| (+) Excess Retained per Share | 0.25 | 0.33 | 0.38 |
| (=) Adjusted Dividend | 0.78 | 0.85 | 0.90 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.41% | 4.41% | 5.41% |
| Fair Value | $14.18 | $19.00 | $25.78 |
| Upside / Downside | 20.18% | 61.04% | 118.51% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 39.45 | 41.19 | 43.01 | 44.90 | 46.89 | 48.96 | 50.42 |
| Payout Ratio | 54.01% | 61.21% | 68.41% | 75.61% | 82.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 21.31 | 25.21 | 29.42 | 33.95 | 38.82 | 44.06 | 46.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.41% | 4.41% | 5.41% |
| Year 1 PV (M) | 22.89 | 23.11 | 23.33 |
| Year 2 PV (M) | 24.25 | 24.72 | 25.19 |
| Year 3 PV (M) | 25.40 | 26.15 | 26.90 |
| Year 4 PV (M) | 26.37 | 27.40 | 28.47 |
| Year 5 PV (M) | 27.17 | 28.51 | 29.90 |
| PV of Terminal Value (M) | 471.64 | 494.89 | 519.05 |
| Equity Value (M) | 597.71 | 624.77 | 652.84 |
| Shares Outstanding (M) | 40.48 | 40.48 | 40.48 |
| Fair Value | $14.77 | $15.43 | $16.13 |
| Upside / Downside | 25.13% | 30.80% | 36.68% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ORA | Ormat Technologies, Inc. | 0.42% | $0.48 | 21.81% |
| VLTO | Veralto Corporation | 0.42% | $0.42 | 11.39% |
| CEG | Constellation Energy Corporation | 0.41% | $1.52 | 17.38% |
| EXPE | Expedia Group, Inc. | 0.41% | $1.15 | 10.88% |
| GE | GE Aerospace | 0.40% | $1.29 | 17.08% |
| GEHCV | GE HealthCare Technologies Inc. | 0.40% | $0.23 | 5.05% |
| ATMU | Atmus Filtration Technologies Inc. | 0.39% | $0.20 | 8.42% |
| BMNR | Bitmine Immersion Technologies, Inc. | 0.39% | $0.12 | 0.85% |
| CHDN | Churchill Downs Incorporated | 0.39% | $0.43 | 7.61% |
| PLPC | Preformed Line Products Company | 0.39% | $0.83 | 11.03% |
| AAPL | Apple Inc. | 0.38% | $1.03 | 13.77% |
| AMOT | Allied Motion Technologies Inc. | 0.38% | $0.12 | 21.85% |
| CASY | Casey's General Stores, Inc. | 0.38% | $2.09 | 12.85% |
| EA | Electronic Arts Inc. | 0.38% | $0.77 | 21.92% |
| LOB | Live Oak Bancshares, Inc. | 0.37% | $0.13 | 8.44% |
| PCG-PA | Pacific Gas and Electric Company | 0.37% | $0.08 | 6.94% |
| CTS | CTS Corporation | 0.36% | $0.16 | 8.09% |
| GVA | Granite Construction Incorporated | 0.36% | $0.43 | 12.45% |
| LCORX | Leuthold Core Investment Fund | 0.36% | $0.08 | 4.98% |
| LCRIX | Leuthold Core Investment Fund Class Institutional | 0.36% | $0.08 | 4.98% |
| UHAL | U-Haul Holding Company | 0.36% | $0.18 | 17.87% |
| BOX | Box, Inc. | 0.35% | $0.10 | 6.61% |
| HCC | Warrior Met Coal, Inc. | 0.35% | $0.31 | 47.04% |
| MCK | McKesson Corporation | 0.35% | $2.91 | 8.98% |
| CSWI | CSW Industrials, Inc. | 0.34% | $1.02 | 11.93% |
| MOG-A | Moog Inc. | 0.34% | $0.85 | 11.59% |
| SRBK | SR Bancorp, Inc. Common stock | 0.34% | $0.05 | 9.61% |
| VHAQ-UN | Viveon Health Acquisition Corp. | 0.34% | $0.04 | 17.38% |
| WWD | Woodward, Inc. | 0.34% | $1.05 | 14.70% |
| AGX | Argan, Inc. | 0.33% | $1.08 | 12.72% |
| PJT | PJT Partners Inc. | 0.33% | $0.56 | 13.70% |
| REGN | Regeneron Pharmaceuticals, Inc. | 0.33% | $2.59 | 6.06% |
| LPLA | LPL Financial Holdings Inc. | 0.32% | $1.16 | 11.15% |
| META | Meta Platforms, Inc. | 0.31% | $2.04 | 8.98% |
| ESAB | ESAB Corporation | 0.30% | $0.34 | 8.52% |
| POWL | Powell Industries, Inc. | 0.30% | $1.05 | 7.31% |
| VC | Visteon Corporation | 0.30% | $0.29 | 2.59% |
| WST | West Pharmaceutical Services, Inc. | 0.30% | $0.83 | 12.34% |
| CASH | Pathward Financial, Inc. | 0.29% | $0.21 | 2.52% |
| NGS | Natural Gas Services Group, Inc. | 0.29% | $0.10 | 6.71% |
| PLUS | ePlus inc. | 0.29% | $0.25 | 5.41% |
| RVTY | Revvity, Inc. | 0.29% | $0.28 | 14.01% |
| TMO | Thermo Fisher Scientific Inc. | 0.28% | $1.65 | 9.48% |
| MRVL | Marvell Technology, Inc. | 0.27% | $0.24 | 8.33% |
| VNT | Vontier Corporation | 0.27% | $0.10 | 3.64% |
| DBRG | DigitalBridge Group, Inc. | 0.26% | $0.04 | 9.84% |
| FOUR | Shift4 Payments, Inc. | 0.26% | $0.16 | 7.44% |
| GOOG | Alphabet Inc. | 0.26% | $0.82 | 8.01% |
| TPB | Turning Point Brands, Inc. | 0.26% | $0.29 | 10.22% |
| USB-PA | U.S. Bancorp PERP PFD SER A | 0.26% | $2.02 | 43.68% |