Definitive Analysis
| Stable Growth | $173.64 - $287.06 | $223.90 |
| Multi-Stage | $349.34 - $384.67 | $366.66 |
| Blended Fair Value | $295.28 | |
| Current Price | $25.50 | |
| Upside | 1,057.97% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.97% | 1.08% | 1.32 | 1.23 | 1.22 | 1.02 | 0.83 | 1.26 | 1.16 | 1.15 | 1.22 | 1.22 |
| YoY Growth | - | - | 8.09% | 0.48% | 19.24% | 23.90% | -34.59% | 9.19% | 0.36% | -5.47% | 0.00% | 2.37% |
| Dividend Yield | - | - | 4.82% | 6.16% | 6.66% | 4.37% | 2.99% | 3.99% | 2.99% | 2.46% | 1.89% | 1.91% |
| Net Income To Common (M) | 62.32 |
| (-) Cash Dividends Paid (M) | 10.42 |
| (=) Cash Retained (M) | 51.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 12.46 | 7.79 | 4.67 |
| Cash Retained (M) | 51.91 | 51.91 | 51.91 |
| (-) Cash Required (M) | -12.46 | -7.79 | -4.67 |
| (=) Excess Retained (M) | 39.44 | 44.12 | 47.23 |
| (/) Shares Outstanding (M) | 4.09 | 4.09 | 4.09 |
| (=) Excess Retained per Share | 9.65 | 10.80 | 11.56 |
| LTM Dividend per Share | 2.55 | 2.55 | 2.55 |
| (+) Excess Retained per Share | 9.65 | 10.80 | 11.56 |
| (=) Adjusted Dividend | 12.20 | 13.35 | 14.11 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -0.67% | 0.33% | 1.33% |
| Fair Value | $173.64 | $223.90 | $287.06 |
| Upside / Downside | 580.93% | 778.06% | 1,025.73% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 62.32 | 62.53 | 62.74 | 62.94 | 63.15 | 63.36 | 65.26 |
| Payout Ratio | 16.71% | 31.37% | 46.03% | 60.69% | 75.34% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.42 | 19.62 | 28.88 | 38.20 | 47.58 | 57.02 | 60.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -0.67% | 0.33% | 1.33% |
| Year 1 PV (M) | 18.27 | 18.45 | 18.64 |
| Year 2 PV (M) | 25.04 | 25.55 | 26.06 |
| Year 3 PV (M) | 30.85 | 31.79 | 32.75 |
| Year 4 PV (M) | 35.79 | 37.25 | 38.76 |
| Year 5 PV (M) | 39.94 | 41.99 | 44.13 |
| PV of Terminal Value (M) | 1,277.61 | 1,343.23 | 1,411.52 |
| Equity Value (M) | 1,427.50 | 1,498.27 | 1,571.86 |
| Shares Outstanding (M) | 4.09 | 4.09 | 4.09 |
| Fair Value | $349.34 | $366.66 | $384.67 |
| Upside / Downside | 1,269.96% | 1,337.88% | 1,408.50% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| LZOEX | Lazard Emerging Markets Equity Portfolio | 0.09% | $0.02 | 36.87% |
| PWR | Quanta Services, Inc. | 0.09% | $0.39 | 5.78% |
| AAMI | Acadian Asset Management | 0.08% | $0.04 | 1.59% |
| PDLB | Ponce Financial Group, Inc. | 0.08% | $0.01 | 1.31% |
| VRT | Vertiv Holdings Co | 0.08% | $0.15 | 5.48% |
| 0J46.L | HEICO Corporation | 0.07% | $0.23 | 4.98% |
| 0JYM.L | Markel Corporation | 0.07% | $1.41 | 0.87% |
| CHCI | Comstock Holding Companies, Inc. | 0.06% | $0.01 | 0.56% |
| MTVC | Motive Capital Corp II | 0.06% | $0.01 | 2.21% |
| ENJ | Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 | 0.05% | $0.01 | 0.31% |
| ENO | Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 | 0.05% | $0.01 | 0.31% |
| AJRD | Aerojet Rocketdyne Holdings, Inc. | 0.04% | $0.02 | 2.70% |
| ERES | East Resources Acquisition Company | 0.04% | $0.00 | 1.55% |
| NBN | Northeast Bank | 0.04% | $0.04 | 0.38% |
| ARHS | Arhaus, Inc. | 0.03% | $0.00 | 0.61% |
| BSIG | BrightSphere Investment Group Inc. | 0.03% | $0.01 | 0.34% |
| EWCZ | European Wax Center, Inc. | 0.03% | $0.00 | 0.37% |
| WIRE | Encore Wire Corporation | 0.03% | $0.08 | 0.42% |
| ACFN | Acorn Energy, Inc. | 0.02% | $0.00 | 0.09% |
| ACMR | ACM Research, Inc. | 0.02% | $0.01 | 0.62% |
| CFB | CrossFirst Bankshares, Inc. | 0.02% | $0.00 | 0.21% |
| FDSB | Fifth District Savings Bank | 0.02% | $0.00 | 0.35% |
| GRDN | Guardian Pharmacy Services, Inc. | 0.02% | $0.00 | 0.75% |
| NVDA | NVIDIA Corporation | 0.02% | $0.04 | 0.98% |
| AMG | Affiliated Managers Group, Inc. | 0.01% | $0.04 | 0.23% |
| BSX-PA | Boston Scientific Corporation | 0.01% | $0.02 | 0.82% |
| FIGR | Figure Technology Solutions, Inc. Class A Common Stock | 0.01% | $0.00 | 2.22% |
| GNRC | Generac Holdings Inc. | 0.01% | $0.01 | 0.18% |
| LAUR | Laureate Education, Inc. | 0.01% | $0.00 | 0.22% |
| PLNT | Planet Fitness, Inc. | 0.01% | $0.01 | 0.57% |
| SUM | Summit Materials, Inc. | 0.01% | $0.00 | 0.32% |
| BE | Bloom Energy Corporation | 0.00% | $0.00 | 6.20% |
| BJRI | BJ's Restaurants, Inc. | 0.00% | $0.00 | 0.01% |
| CXW | CoreCivic, Inc. | 0.00% | $0.00 | 0.04% |
| INFA | Informatica Inc. | 0.00% | $0.00 | 0.10% |
| MMMB | MamaMancini's Holdings, Inc. | 0.00% | $0.00 | 0.04% |
| PMO | Putnam Municipal Opportunities Trust | 0.00% | $0.00 | 0.05% |
| SENEA | Seneca Foods Corporation | 0.00% | $0.00 | 0.04% |
| SLCA | U.S. Silica Holdings, Inc. | 0.00% | $0.00 | 0.02% |
| UNIT | Uniti Group Inc. | 0.00% | $0.00 | 0.00% |