Definitive Analysis
| Stable Growth | $89.97 - $238.67 | $137.58 |
| Multi-Stage | $61.48 - $67.18 | $64.28 |
| Blended Fair Value | $100.93 | |
| Current Price | $36.77 | |
| Upside | 174.48% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.45% | 0.00% | 0.83 | 0.80 | 0.61 | 0.60 | 0.56 | 0.48 | 0.29 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 2.99% | 30.88% | 2.44% | 6.72% | 16.67% | 63.53% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 2.75% | 3.52% | 3.64% | 2.66% | 3.18% | 3.37% | 1.70% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 24.92 |
| (-) Cash Dividends Paid (M) | 5.70 |
| (=) Cash Retained (M) | 19.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4.98 | 3.12 | 1.87 |
| Cash Retained (M) | 19.22 | 19.22 | 19.22 |
| (-) Cash Required (M) | -4.98 | -3.12 | -1.87 |
| (=) Excess Retained (M) | 14.24 | 16.11 | 17.35 |
| (/) Shares Outstanding (M) | 6.50 | 6.50 | 6.50 |
| (=) Excess Retained per Share | 2.19 | 2.48 | 2.67 |
| LTM Dividend per Share | 0.88 | 0.88 | 0.88 |
| (+) Excess Retained per Share | 2.19 | 2.48 | 2.67 |
| (=) Adjusted Dividend | 3.07 | 3.36 | 3.55 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $89.97 | $137.58 | $238.67 |
| Upside / Downside | 144.69% | 274.15% | 549.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 24.92 | 26.54 | 28.27 | 30.11 | 32.06 | 34.15 | 35.17 |
| Payout Ratio | 22.87% | 36.30% | 49.72% | 63.15% | 76.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 5.70 | 9.63 | 14.06 | 19.01 | 24.55 | 30.73 | 32.53 |
| 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) | 8.75 | 8.83 | 8.91 |
| Year 2 PV (M) | 11.59 | 11.81 | 12.03 |
| Year 3 PV (M) | 14.23 | 14.64 | 15.06 |
| Year 4 PV (M) | 16.69 | 17.33 | 17.99 |
| Year 5 PV (M) | 18.97 | 19.88 | 20.84 |
| PV of Terminal Value (M) | 329.30 | 345.20 | 361.72 |
| Equity Value (M) | 399.52 | 417.70 | 436.55 |
| Shares Outstanding (M) | 6.50 | 6.50 | 6.50 |
| Fair Value | $61.48 | $64.28 | $67.18 |
| Upside / Downside | 67.21% | 74.81% | 82.70% |
| 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% |