Definitive Analysis
| Stable Growth | $19.80 - $29.51 | $24.42 |
| Multi-Stage | $41.67 - $45.84 | $43.71 |
| Blended Fair Value | $34.07 | |
| Current Price | $17.60 | |
| Upside | 93.56% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.47% | 43.82% | 0.65 | 0.44 | 0.56 | 0.89 | 0.67 | 0.67 | 0.89 | 0.01 | 0.02 | 0.01 |
| YoY Growth | - | - | 46.75% | -20.24% | -37.67% | 33.90% | 0.00% | -25.00% | 7,409.43% | -47.00% | 233.33% | -61.04% |
| Dividend Yield | - | - | 4.11% | 2.51% | 2.25% | 2.89% | 3.76% | 3.98% | 5.71% | 0.07% | 0.24% | 0.11% |
| Net Income To Common (M) | 10.88 |
| (-) Cash Dividends Paid (M) | 4.90 |
| (=) Cash Retained (M) | 5.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.18 | 1.36 | 0.82 |
| Cash Retained (M) | 5.97 | 5.97 | 5.97 |
| (-) Cash Required (M) | -2.18 | -1.36 | -0.82 |
| (=) Excess Retained (M) | 3.80 | 4.61 | 5.16 |
| (/) Shares Outstanding (M) | 4.47 | 4.47 | 4.47 |
| (=) Excess Retained per Share | 0.85 | 1.03 | 1.15 |
| LTM Dividend per Share | 1.10 | 1.10 | 1.10 |
| (+) Excess Retained per Share | 0.85 | 1.03 | 1.15 |
| (=) Adjusted Dividend | 1.95 | 2.13 | 2.25 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -2.47% | -1.47% | -0.47% |
| Fair Value | $19.80 | $24.42 | $29.51 |
| Upside / Downside | 12.48% | 38.75% | 67.67% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10.88 | 10.72 | 10.56 | 10.40 | 10.25 | 10.10 | 10.40 |
| Payout Ratio | 45.09% | 54.07% | 63.05% | 72.03% | 81.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 4.90 | 5.79 | 6.66 | 7.49 | 8.30 | 9.09 | 9.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -2.47% | -1.47% | -0.47% |
| Year 1 PV (M) | 5.35 | 5.41 | 5.46 |
| Year 2 PV (M) | 5.68 | 5.80 | 5.92 |
| Year 3 PV (M) | 5.91 | 6.10 | 6.28 |
| Year 4 PV (M) | 6.05 | 6.31 | 6.57 |
| Year 5 PV (M) | 6.12 | 6.44 | 6.78 |
| PV of Terminal Value (M) | 157.02 | 165.23 | 173.79 |
| Equity Value (M) | 186.14 | 195.28 | 204.80 |
| Shares Outstanding (M) | 4.47 | 4.47 | 4.47 |
| Fair Value | $41.67 | $43.71 | $45.84 |
| Upside / Downside | 136.74% | 148.37% | 160.46% |
| 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% |