Definitive Analysis
| Stable Growth | $106.03 - $281.27 | $162.13 |
| Multi-Stage | $73.54 - $80.30 | $76.86 |
| Blended Fair Value | $119.50 | |
| Current Price | $43.83 | |
| Upside | 172.63% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.99% | 15.54% | 1.53 | 1.17 | 1.34 | 1.14 | 0.93 | 0.70 | 0.59 | 0.51 | 0.53 | 0.49 |
| YoY Growth | - | - | 31.10% | -12.44% | 16.66% | 22.87% | 33.22% | 18.84% | 15.00% | -3.50% | 7.63% | 36.21% |
| Dividend Yield | - | - | 3.68% | 2.49% | 2.92% | 2.47% | 1.51% | 1.37% | 0.99% | 1.04% | 1.93% | 2.33% |
| Net Income To Common (M) | 26.09 |
| (-) Cash Dividends Paid (M) | 9.32 |
| (=) Cash Retained (M) | 16.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5.22 | 3.26 | 1.96 |
| Cash Retained (M) | 16.77 | 16.77 | 16.77 |
| (-) Cash Required (M) | -5.22 | -3.26 | -1.96 |
| (=) Excess Retained (M) | 11.56 | 13.51 | 14.82 |
| (/) Shares Outstanding (M) | 5.77 | 5.77 | 5.77 |
| (=) Excess Retained per Share | 2.00 | 2.34 | 2.57 |
| LTM Dividend per Share | 1.61 | 1.61 | 1.61 |
| (+) Excess Retained per Share | 2.00 | 2.34 | 2.57 |
| (=) Adjusted Dividend | 3.62 | 3.96 | 4.18 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $106.03 | $162.13 | $281.27 |
| Upside / Downside | 141.91% | 269.91% | 541.73% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 26.09 | 27.79 | 29.59 | 31.52 | 33.57 | 35.75 | 36.82 |
| Payout Ratio | 35.71% | 46.57% | 57.43% | 68.28% | 79.14% | 90.00% | 92.50% |
| Projected Dividends (M) | 9.32 | 12.94 | 17.00 | 21.52 | 26.57 | 32.17 | 34.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 11.75 | 11.86 | 11.97 |
| Year 2 PV (M) | 14.01 | 14.28 | 14.55 |
| Year 3 PV (M) | 16.11 | 16.57 | 17.05 |
| Year 4 PV (M) | 18.06 | 18.75 | 19.47 |
| Year 5 PV (M) | 19.86 | 20.82 | 21.81 |
| PV of Terminal Value (M) | 344.73 | 361.38 | 378.67 |
| Equity Value (M) | 424.52 | 443.66 | 463.51 |
| Shares Outstanding (M) | 5.77 | 5.77 | 5.77 |
| Fair Value | $73.54 | $76.86 | $80.30 |
| Upside / Downside | 67.79% | 75.36% | 83.20% |
| 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% |