Definitive Analysis
| Stable Growth | $7.12 - $9.92 | $8.52 |
| Multi-Stage | $12.40 - $13.65 | $13.01 |
| Blended Fair Value | $10.77 | |
| Current Price | $4.97 | |
| Upside | 116.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -6.20% | -8.34% | 0.57 | 0.68 | 1.13 | 1.03 | 0.80 | 0.79 | 0.91 | 1.28 | 1.39 | 1.43 |
| YoY Growth | - | - | -15.34% | -39.72% | 9.69% | 27.80% | 1.52% | -13.08% | -29.15% | -7.55% | -2.91% | 4.29% |
| Dividend Yield | - | - | 10.98% | 16.16% | 22.52% | 10.35% | 6.74% | 8.14% | 9.83% | 11.26% | 14.49% | 15.05% |
| Net Income To Common (M) | 52.28 |
| (-) Cash Dividends Paid (M) | 8.31 |
| (=) Cash Retained (M) | 43.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 10.46 | 6.53 | 3.92 |
| Cash Retained (M) | 43.96 | 43.96 | 43.96 |
| (-) Cash Required (M) | -10.46 | -6.53 | -3.92 |
| (=) Excess Retained (M) | 33.51 | 37.43 | 40.04 |
| (/) Shares Outstanding (M) | 42.98 | 42.98 | 42.98 |
| (=) Excess Retained per Share | 0.78 | 0.87 | 0.93 |
| LTM Dividend per Share | 0.19 | 0.19 | 0.19 |
| (+) Excess Retained per Share | 0.78 | 0.87 | 0.93 |
| (=) Adjusted Dividend | 0.97 | 1.06 | 1.13 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.02% | -3.02% | -2.02% |
| Fair Value | $7.12 | $8.52 | $9.92 |
| Upside / Downside | 43.26% | 71.39% | 99.51% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 52.28 | 50.70 | 49.17 | 47.68 | 46.24 | 44.85 | 46.19 |
| Payout Ratio | 15.90% | 30.72% | 45.54% | 60.36% | 75.18% | 90.00% | 92.50% |
| Projected Dividends (M) | 8.31 | 15.58 | 22.39 | 28.78 | 34.77 | 40.36 | 42.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.02% | -3.02% | -2.02% |
| Year 1 PV (M) | 14.13 | 14.28 | 14.42 |
| Year 2 PV (M) | 18.43 | 18.81 | 19.20 |
| Year 3 PV (M) | 21.49 | 22.16 | 22.86 |
| Year 4 PV (M) | 23.54 | 24.54 | 25.57 |
| Year 5 PV (M) | 24.80 | 26.11 | 27.49 |
| PV of Terminal Value (M) | 430.46 | 453.35 | 477.21 |
| Equity Value (M) | 532.84 | 559.26 | 586.75 |
| Shares Outstanding (M) | 42.98 | 42.98 | 42.98 |
| Fair Value | $12.40 | $13.01 | $13.65 |
| Upside / Downside | 149.46% | 161.83% | 174.70% |
| 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% |