Definitive Analysis
| Stable Growth | $1.22 - $1.76 | $1.48 |
| Multi-Stage | $2.12 - $2.32 | $2.22 |
| Blended Fair Value | $1.85 | |
| Current Price | $5.77 | |
| Upside | -67.90% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.14% | 0.00% | 0.14 | 0.15 | 0.15 | 0.14 | 0.14 | 0.14 | 0.16 | 0.23 | 0.28 | 0.28 |
| YoY Growth | - | - | -5.58% | -0.37% | 3.09% | 3.18% | 0.64% | -15.97% | -30.21% | -15.87% | -2.18% | 0.00% |
| Dividend Yield | - | - | 2.23% | 2.25% | 1.97% | 2.01% | 1.88% | 1.90% | 2.27% | 3.11% | 3.90% | 3.98% |
| Net Income To Common (M) | 28.78 |
| (-) Cash Dividends Paid (M) | 23.40 |
| (=) Cash Retained (M) | 5.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5.76 | 3.60 | 2.16 |
| Cash Retained (M) | 5.38 | 5.38 | 5.38 |
| (-) Cash Required (M) | -5.76 | -3.60 | -2.16 |
| (=) Excess Retained (M) | -0.38 | 1.78 | 3.22 |
| (/) Shares Outstanding (M) | 166.61 | 166.61 | 166.61 |
| (=) Excess Retained per Share | 0.00 | 0.01 | 0.02 |
| LTM Dividend per Share | 0.14 | 0.14 | 0.14 |
| (+) Excess Retained per Share | 0.00 | 0.01 | 0.02 |
| (=) Adjusted Dividend | 0.14 | 0.15 | 0.16 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $1.22 | $1.48 | $1.76 |
| Upside / Downside | -78.85% | -74.32% | -69.56% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 28.78 | 28.49 | 28.21 | 27.93 | 27.65 | 27.37 | 28.19 |
| Payout Ratio | 81.31% | 83.05% | 84.78% | 86.52% | 88.26% | 90.00% | 92.50% |
| Projected Dividends (M) | 23.40 | 23.66 | 23.92 | 24.16 | 24.40 | 24.63 | 26.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 21.47 | 21.69 | 21.91 |
| Year 2 PV (M) | 19.69 | 20.09 | 20.50 |
| Year 3 PV (M) | 18.05 | 18.61 | 19.18 |
| Year 4 PV (M) | 16.54 | 17.22 | 17.93 |
| Year 5 PV (M) | 15.15 | 15.94 | 16.76 |
| PV of Terminal Value (M) | 262.98 | 276.68 | 290.94 |
| Equity Value (M) | 353.88 | 370.23 | 387.21 |
| Shares Outstanding (M) | 166.61 | 166.61 | 166.61 |
| Fair Value | $2.12 | $2.22 | $2.32 |
| Upside / Downside | -63.19% | -61.49% | -59.72% |
| 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% |