Definitive Analysis
| Stable Growth | $130.84 - $347.08 | $200.06 |
| Multi-Stage | $89.06 - $97.33 | $93.12 |
| Blended Fair Value | $146.59 | |
| Current Price | $54.33 | |
| Upside | 169.82% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.73% | 32.29% | 1.03 | 1.03 | 0.98 | 0.99 | 0.99 | 0.99 | 0.84 | 0.51 | 0.38 | 0.27 |
| YoY Growth | - | - | -0.40% | 5.72% | -1.14% | -0.46% | 0.06% | 17.78% | 64.77% | 36.21% | 38.20% | 333.44% |
| Dividend Yield | - | - | 2.30% | 2.79% | 2.96% | 2.43% | 2.76% | 4.07% | 2.42% | 1.19% | 1.11% | 1.01% |
| Net Income To Common (M) | 44.32 |
| (-) Cash Dividends Paid (M) | 8.66 |
| (=) Cash Retained (M) | 35.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8.86 | 5.54 | 3.32 |
| Cash Retained (M) | 35.66 | 35.66 | 35.66 |
| (-) Cash Required (M) | -8.86 | -5.54 | -3.32 |
| (=) Excess Retained (M) | 26.80 | 30.12 | 32.34 |
| (/) Shares Outstanding (M) | 7.95 | 7.95 | 7.95 |
| (=) Excess Retained per Share | 3.37 | 3.79 | 4.07 |
| LTM Dividend per Share | 1.09 | 1.09 | 1.09 |
| (+) Excess Retained per Share | 3.37 | 3.79 | 4.07 |
| (=) Adjusted Dividend | 4.46 | 4.88 | 5.16 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $130.84 | $200.06 | $347.08 |
| Upside / Downside | 140.82% | 268.24% | 538.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 44.32 | 47.21 | 50.27 | 53.54 | 57.02 | 60.73 | 62.55 |
| Payout Ratio | 19.54% | 33.63% | 47.72% | 61.82% | 75.91% | 90.00% | 92.50% |
| Projected Dividends (M) | 8.66 | 15.88 | 23.99 | 33.10 | 43.28 | 54.65 | 57.86 |
| 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) | 14.42 | 14.55 | 14.69 |
| Year 2 PV (M) | 19.78 | 20.16 | 20.54 |
| Year 3 PV (M) | 24.78 | 25.49 | 26.21 |
| Year 4 PV (M) | 29.42 | 30.55 | 31.72 |
| Year 5 PV (M) | 33.73 | 35.36 | 37.05 |
| PV of Terminal Value (M) | 585.61 | 613.90 | 643.26 |
| Equity Value (M) | 707.74 | 740.01 | 773.47 |
| Shares Outstanding (M) | 7.95 | 7.95 | 7.95 |
| Fair Value | $89.06 | $93.12 | $97.33 |
| Upside / Downside | 63.93% | 71.40% | 79.15% |
| 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% |