Definitive Analysis
| Stable Growth | $91.55 - $321.09 | $151.33 |
| Multi-Stage | $58.66 - $64.12 | $61.34 |
| Blended Fair Value | $106.33 | |
| Current Price | $38.93 | |
| Upside | 173.14% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.04% | 7.79% | 0.83 | 0.78 | 0.68 | 0.61 | 0.57 | 0.51 | 0.44 | 0.38 | 0.46 | 0.41 |
| YoY Growth | - | - | 5.58% | 14.24% | 11.72% | 7.35% | 11.52% | 17.05% | 14.66% | -16.48% | 10.20% | 6.28% |
| Dividend Yield | - | - | 2.12% | 3.09% | 2.18% | 1.53% | 1.76% | 1.90% | 1.47% | 1.08% | 1.31% | 1.58% |
| Net Income To Common (M) | 40.66 |
| (-) Cash Dividends Paid (M) | 10.84 |
| (=) Cash Retained (M) | 29.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8.13 | 5.08 | 3.05 |
| Cash Retained (M) | 29.82 | 29.82 | 29.82 |
| (-) Cash Required (M) | -8.13 | -5.08 | -3.05 |
| (=) Excess Retained (M) | 21.69 | 24.74 | 26.77 |
| (/) Shares Outstanding (M) | 12.45 | 12.45 | 12.45 |
| (=) Excess Retained per Share | 1.74 | 1.99 | 2.15 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | 1.74 | 1.99 | 2.15 |
| (=) Adjusted Dividend | 2.61 | 2.86 | 3.02 |
| WACC / Discount Rate | 8.51% | 8.51% | 8.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $91.55 | $151.33 | $321.09 |
| Upside / Downside | 135.16% | 288.72% | 724.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 40.66 | 43.30 | 46.12 | 49.12 | 52.31 | 55.71 | 57.38 |
| Payout Ratio | 26.66% | 39.33% | 52.00% | 64.66% | 77.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.84 | 17.03 | 23.98 | 31.76 | 40.45 | 50.14 | 53.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.51% | 8.51% | 8.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 15.55 | 15.70 | 15.84 |
| Year 2 PV (M) | 19.99 | 20.37 | 20.75 |
| Year 3 PV (M) | 24.16 | 24.86 | 25.56 |
| Year 4 PV (M) | 28.10 | 29.18 | 30.29 |
| Year 5 PV (M) | 31.79 | 33.33 | 34.92 |
| PV of Terminal Value (M) | 610.60 | 640.09 | 670.71 |
| Equity Value (M) | 730.18 | 763.51 | 798.08 |
| Shares Outstanding (M) | 12.45 | 12.45 | 12.45 |
| Fair Value | $58.66 | $61.34 | $64.12 |
| Upside / Downside | 50.69% | 57.57% | 64.70% |
| 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% |