Definitive Analysis
| Stable Growth | $63.23 - $130.98 | $89.01 |
| Multi-Stage | $55.92 - $61.02 | $58.42 |
| Blended Fair Value | $73.72 | |
| Current Price | $126.50 | |
| Upside | -41.73% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.85% | 10.11% | 1.01 | 1.00 | 0.80 | 0.80 | 0.80 | 0.79 | 0.69 | 0.63 | 0.58 | 0.43 |
| YoY Growth | - | - | 0.42% | 25.18% | 0.24% | 0.23% | 0.33% | 14.77% | 8.88% | 9.53% | 33.81% | 12.88% |
| Dividend Yield | - | - | 0.79% | 1.05% | 0.81% | 0.75% | 0.68% | 0.70% | 0.55% | 0.79% | 1.30% | 1.29% |
| Net Income To Common (M) | 33.18 |
| (-) Cash Dividends Paid (M) | 19.00 |
| (=) Cash Retained (M) | 14.18 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.64 | 4.15 | 2.49 |
| Cash Retained (M) | 14.18 | 14.18 | 14.18 |
| (-) Cash Required (M) | -6.64 | -4.15 | -2.49 |
| (=) Excess Retained (M) | 7.55 | 10.03 | 11.69 |
| (/) Shares Outstanding (M) | 9.45 | 9.45 | 9.45 |
| (=) Excess Retained per Share | 0.80 | 1.06 | 1.24 |
| LTM Dividend per Share | 2.01 | 2.01 | 2.01 |
| (+) Excess Retained per Share | 0.80 | 1.06 | 1.24 |
| (=) Adjusted Dividend | 2.81 | 3.07 | 3.25 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.46% | 5.46% | 6.46% |
| Fair Value | $63.23 | $89.01 | $130.98 |
| Upside / Downside | -50.01% | -29.64% | 3.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 33.18 | 34.99 | 36.90 | 38.92 | 41.04 | 43.28 | 44.58 |
| Payout Ratio | 57.26% | 63.81% | 70.36% | 76.90% | 83.45% | 90.00% | 92.50% |
| Projected Dividends (M) | 19.00 | 22.33 | 25.96 | 29.93 | 34.25 | 38.95 | 41.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.46% | 5.46% | 6.46% |
| Year 1 PV (M) | 20.27 | 20.47 | 20.66 |
| Year 2 PV (M) | 21.40 | 21.81 | 22.23 |
| Year 3 PV (M) | 22.40 | 23.05 | 23.71 |
| Year 4 PV (M) | 23.27 | 24.18 | 25.11 |
| Year 5 PV (M) | 24.03 | 25.20 | 26.42 |
| PV of Terminal Value (M) | 417.19 | 437.55 | 458.69 |
| Equity Value (M) | 528.57 | 552.26 | 576.82 |
| Shares Outstanding (M) | 9.45 | 9.45 | 9.45 |
| Fair Value | $55.92 | $58.42 | $61.02 |
| Upside / Downside | -55.80% | -53.82% | -51.76% |
| 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% |