Definitive Analysis
| Stable Growth | $26.24 - $53.77 | $36.79 |
| Multi-Stage | $22.91 - $25.03 | $23.95 |
| Blended Fair Value | $30.37 | |
| Current Price | $13.77 | |
| Upside | 120.56% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.36% | 10.27% | 0.53 | 0.51 | 0.50 | 0.44 | 0.36 | 0.37 | 0.34 | 0.30 | 0.23 | 0.21 |
| YoY Growth | - | - | 3.82% | 2.55% | 13.08% | 20.59% | -1.75% | 8.66% | 13.74% | 31.06% | 6.82% | 7.67% |
| Dividend Yield | - | - | 3.85% | 4.05% | 3.43% | 2.35% | 1.95% | 3.22% | 2.09% | 1.76% | 1.72% | 1.84% |
| Net Income To Common (M) | 4.55 |
| (-) Cash Dividends Paid (M) | 1.64 |
| (=) Cash Retained (M) | 2.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 0.91 | 0.57 | 0.34 |
| Cash Retained (M) | 2.91 | 2.91 | 2.91 |
| (-) Cash Required (M) | -0.91 | -0.57 | -0.34 |
| (=) Excess Retained (M) | 2.00 | 2.34 | 2.57 |
| (/) Shares Outstanding (M) | 3.07 | 3.07 | 3.07 |
| (=) Excess Retained per Share | 0.65 | 0.76 | 0.84 |
| LTM Dividend per Share | 0.53 | 0.53 | 0.53 |
| (+) Excess Retained per Share | 0.65 | 0.76 | 0.84 |
| (=) Adjusted Dividend | 1.18 | 1.29 | 1.37 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.39% | 5.39% | 6.39% |
| Fair Value | $26.24 | $36.79 | $53.77 |
| Upside / Downside | 90.56% | 167.19% | 290.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4.55 | 4.79 | 5.05 | 5.32 | 5.61 | 5.91 | 6.09 |
| Payout Ratio | 35.96% | 46.77% | 57.57% | 68.38% | 79.19% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.64 | 2.24 | 2.91 | 3.64 | 4.44 | 5.32 | 5.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.39% | 5.39% | 6.39% |
| Year 1 PV (M) | 2.03 | 2.05 | 2.07 |
| Year 2 PV (M) | 2.40 | 2.44 | 2.49 |
| Year 3 PV (M) | 2.72 | 2.80 | 2.88 |
| Year 4 PV (M) | 3.02 | 3.14 | 3.26 |
| Year 5 PV (M) | 3.28 | 3.44 | 3.61 |
| PV of Terminal Value (M) | 56.98 | 59.77 | 62.66 |
| Equity Value (M) | 70.44 | 73.65 | 76.97 |
| Shares Outstanding (M) | 3.07 | 3.07 | 3.07 |
| Fair Value | $22.91 | $23.95 | $25.03 |
| Upside / Downside | 66.37% | 73.93% | 81.78% |
| 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% |