Definitive Analysis
| Stable Growth | $1.15 - $1.64 | $1.39 |
| Multi-Stage | $1.99 - $2.18 | $2.08 |
| Blended Fair Value | $1.74 | |
| Current Price | $7.66 | |
| Upside | -77.31% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -20.94% | -3.63% | 0.09 | 0.08 | 0.09 | 0.07 | 0.14 | 0.28 | 0.26 | 0.25 | 0.21 | 0.15 |
| YoY Growth | - | - | 2.37% | -1.84% | 27.60% | -51.29% | -50.55% | 6.12% | 6.09% | 19.67% | 42.44% | 16.62% |
| Dividend Yield | - | - | 1.10% | 0.87% | 1.32% | 0.68% | 1.24% | 3.11% | 1.65% | 1.47% | 1.00% | 0.83% |
| Net Income To Common (M) | 46.99 |
| (-) Cash Dividends Paid (M) | 23.47 |
| (=) Cash Retained (M) | 23.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9.40 | 5.87 | 3.52 |
| Cash Retained (M) | 23.53 | 23.53 | 23.53 |
| (-) Cash Required (M) | -9.40 | -5.87 | -3.52 |
| (=) Excess Retained (M) | 14.13 | 17.65 | 20.00 |
| (/) Shares Outstanding (M) | 269.71 | 269.71 | 269.71 |
| (=) Excess Retained per Share | 0.05 | 0.07 | 0.07 |
| LTM Dividend per Share | 0.09 | 0.09 | 0.09 |
| (+) Excess Retained per Share | 0.05 | 0.07 | 0.07 |
| (=) Adjusted Dividend | 0.14 | 0.15 | 0.16 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.68% | -1.68% | -0.68% |
| Fair Value | $1.15 | $1.39 | $1.64 |
| Upside / Downside | -84.96% | -81.84% | -78.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 46.99 | 46.21 | 45.43 | 44.67 | 43.92 | 43.18 | 44.48 |
| Payout Ratio | 49.94% | 57.95% | 65.96% | 73.98% | 81.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 23.47 | 26.78 | 29.97 | 33.04 | 36.01 | 38.87 | 41.14 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.68% | -1.68% | -0.68% |
| Year 1 PV (M) | 24.29 | 24.54 | 24.79 |
| Year 2 PV (M) | 24.67 | 25.18 | 25.69 |
| Year 3 PV (M) | 24.68 | 25.45 | 26.23 |
| Year 4 PV (M) | 24.40 | 25.42 | 26.47 |
| Year 5 PV (M) | 23.89 | 25.15 | 26.45 |
| PV of Terminal Value (M) | 414.80 | 436.55 | 459.20 |
| Equity Value (M) | 536.73 | 562.28 | 588.84 |
| Shares Outstanding (M) | 269.71 | 269.71 | 269.71 |
| Fair Value | $1.99 | $2.08 | $2.18 |
| Upside / Downside | -74.02% | -72.78% | -71.50% |
| 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% |