Definitive Analysis
| Stable Growth | $13.06 - $20.34 | $16.42 |
| Multi-Stage | $31.96 - $35.12 | $33.51 |
| Blended Fair Value | $24.97 | |
| Current Price | $10.00 | |
| Upside | 149.66% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.00 | 6.18 | 0.17 | 0.09 | 0.18 | 0.09 | 0.09 | 0.09 | 0.03 |
| YoY Growth | - | - | 0.00% | -100.00% | 3,584.27% | 87.22% | -50.00% | 100.00% | 0.00% | 0.00% | 200.00% | -90.12% |
| Dividend Yield | - | - | 0.00% | 0.00% | 58.32% | 1.45% | 0.90% | 2.01% | 1.03% | 1.39% | 1.47% | 0.55% |
| Net Income To Common (M) | 2.76 |
| (-) Cash Dividends Paid (M) | 2.74 |
| (=) Cash Retained (M) | 0.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 0.55 | 0.35 | 0.21 |
| Cash Retained (M) | 0.03 | 0.03 | 0.03 |
| (-) Cash Required (M) | -0.55 | -0.35 | -0.21 |
| (=) Excess Retained (M) | -0.53 | -0.32 | -0.18 |
| (/) Shares Outstanding (M) | 2.01 | 2.01 | 2.01 |
| (=) Excess Retained per Share | -0.26 | -0.16 | -0.09 |
| LTM Dividend per Share | 1.36 | 1.36 | 1.36 |
| (+) Excess Retained per Share | -0.26 | -0.16 | -0.09 |
| (=) Adjusted Dividend | 1.10 | 1.20 | 1.27 |
| WACC / Discount Rate | 6.26% | 6.26% | 6.26% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $13.06 | $16.42 | $20.34 |
| Upside / Downside | 30.64% | 64.23% | 103.40% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2.76 | 2.74 | 2.71 | 2.68 | 2.65 | 2.63 | 2.71 |
| Payout Ratio | 99.02% | 97.21% | 95.41% | 93.61% | 91.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 2.74 | 2.66 | 2.58 | 2.51 | 2.44 | 2.36 | 2.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.26% | 6.26% | 6.26% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 2.48 | 2.50 | 2.53 |
| Year 2 PV (M) | 2.24 | 2.29 | 2.34 |
| Year 3 PV (M) | 2.03 | 2.09 | 2.16 |
| Year 4 PV (M) | 1.84 | 1.91 | 1.99 |
| Year 5 PV (M) | 1.66 | 1.75 | 1.84 |
| PV of Terminal Value (M) | 53.95 | 56.76 | 59.68 |
| Equity Value (M) | 64.19 | 67.30 | 70.53 |
| Shares Outstanding (M) | 2.01 | 2.01 | 2.01 |
| Fair Value | $31.96 | $33.51 | $35.12 |
| Upside / Downside | 219.62% | 235.08% | 251.16% |
| 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% |