Definitive Analysis
| Stable Growth | $16.50 - $30.54 | $22.26 |
| Multi-Stage | $16.32 - $17.85 | $17.07 |
| Blended Fair Value | $19.67 | |
| Current Price | $32.09 | |
| Upside | -38.71% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -12.72% | -2.53% | 0.48 | 1.24 | 1.18 | 1.00 | 1.00 | 0.95 | 0.80 | 0.76 | 0.73 | 0.69 |
| YoY Growth | - | - | -61.22% | 5.12% | 17.75% | 0.44% | 5.04% | 19.03% | 5.15% | 3.85% | 6.11% | 10.81% |
| Dividend Yield | - | - | 1.66% | 5.02% | 4.06% | 2.17% | 2.34% | 3.02% | 1.93% | 1.73% | 1.86% | 2.30% |
| Net Income To Common (M) | 4.71 |
| (-) Cash Dividends Paid (M) | 1.56 |
| (=) Cash Retained (M) | 3.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 0.94 | 0.59 | 0.35 |
| Cash Retained (M) | 3.15 | 3.15 | 3.15 |
| (-) Cash Required (M) | -0.94 | -0.59 | -0.35 |
| (=) Excess Retained (M) | 2.21 | 2.56 | 2.80 |
| (/) Shares Outstanding (M) | 4.29 | 4.29 | 4.29 |
| (=) Excess Retained per Share | 0.51 | 0.60 | 0.65 |
| LTM Dividend per Share | 0.36 | 0.36 | 0.36 |
| (+) Excess Retained per Share | 0.51 | 0.60 | 0.65 |
| (=) Adjusted Dividend | 0.88 | 0.96 | 1.01 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.59% | 4.59% | 5.59% |
| Fair Value | $16.50 | $22.26 | $30.54 |
| Upside / Downside | -48.59% | -30.62% | -4.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4.71 | 4.92 | 5.15 | 5.39 | 5.63 | 5.89 | 6.07 |
| Payout Ratio | 33.06% | 44.45% | 55.83% | 67.22% | 78.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.56 | 2.19 | 2.88 | 3.62 | 4.43 | 5.30 | 5.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.59% | 4.59% | 5.59% |
| Year 1 PV (M) | 1.99 | 2.01 | 2.02 |
| Year 2 PV (M) | 2.37 | 2.42 | 2.46 |
| Year 3 PV (M) | 2.71 | 2.79 | 2.87 |
| Year 4 PV (M) | 3.01 | 3.13 | 3.25 |
| Year 5 PV (M) | 3.27 | 3.43 | 3.60 |
| PV of Terminal Value (M) | 56.77 | 59.56 | 62.46 |
| Equity Value (M) | 70.11 | 73.33 | 76.66 |
| Shares Outstanding (M) | 4.29 | 4.29 | 4.29 |
| Fair Value | $16.32 | $17.07 | $17.85 |
| Upside / Downside | -49.13% | -46.79% | -44.37% |
| 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% |