Definitive Analysis
| Stable Growth | $21.83 - $85.10 | $60.98 |
| Multi-Stage | $12.52 - $13.70 | $13.10 |
| Blended Fair Value | $37.04 | |
| Current Price | $3.64 | |
| Upside | 917.59% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.16% | 7.29% | 0.26 | 0.25 | 0.24 | 0.21 | 0.21 | 0.24 | 0.22 | 0.18 | 0.16 | 0.14 |
| YoY Growth | - | - | 2.49% | 3.33% | 18.72% | -4.43% | -11.83% | 12.99% | 18.98% | 12.84% | 12.07% | 12.25% |
| Dividend Yield | - | - | 7.59% | 7.84% | 6.81% | 4.81% | 5.09% | 7.71% | 4.50% | 4.00% | 3.37% | 3.10% |
| Net Income To Common (M) | 38.12 |
| (-) Cash Dividends Paid (M) | 24.17 |
| (=) Cash Retained (M) | 13.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.62 | 4.76 | 2.86 |
| Cash Retained (M) | 13.95 | 13.95 | 13.95 |
| (-) Cash Required (M) | -7.62 | -4.76 | -2.86 |
| (=) Excess Retained (M) | 6.32 | 9.18 | 11.09 |
| (/) Shares Outstanding (M) | 88.53 | 88.53 | 88.53 |
| (=) Excess Retained per Share | 0.07 | 0.10 | 0.13 |
| LTM Dividend per Share | 0.27 | 0.27 | 0.27 |
| (+) Excess Retained per Share | 0.07 | 0.10 | 0.13 |
| (=) Adjusted Dividend | 0.34 | 0.38 | 0.40 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 4.83% | 5.83% | 6.83% |
| Fair Value | $21.83 | $60.98 | $85.10 |
| Upside / Downside | 499.83% | 1,575.30% | 2,237.84% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 38.12 | 40.34 | 42.69 | 45.18 | 47.81 | 50.60 | 52.12 |
| Payout Ratio | 63.41% | 68.73% | 74.05% | 79.36% | 84.68% | 90.00% | 92.50% |
| Projected Dividends (M) | 24.17 | 27.73 | 31.61 | 35.86 | 40.49 | 45.54 | 48.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 4.83% | 5.83% | 6.83% |
| Year 1 PV (M) | 25.79 | 26.04 | 26.28 |
| Year 2 PV (M) | 27.36 | 27.88 | 28.41 |
| Year 3 PV (M) | 28.87 | 29.70 | 30.55 |
| Year 4 PV (M) | 30.32 | 31.49 | 32.70 |
| Year 5 PV (M) | 31.72 | 33.27 | 34.87 |
| PV of Terminal Value (M) | 964.42 | 1,011.31 | 1,060.00 |
| Equity Value (M) | 1,108.48 | 1,159.69 | 1,212.81 |
| Shares Outstanding (M) | 88.53 | 88.53 | 88.53 |
| Fair Value | $12.52 | $13.10 | $13.70 |
| Upside / Downside | 243.99% | 259.88% | 276.36% |
| 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% |