Definitive Analysis
| Stable Growth | $29.68 - $45.29 | $36.99 |
| Multi-Stage | $63.16 - $69.49 | $66.26 |
| Blended Fair Value | $51.63 | |
| Current Price | $8.46 | |
| Upside | 510.24% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.44% | 0.41% | 0.77 | 1.01 | 1.18 | 0.88 | 0.49 | 0.72 | 1.11 | 1.15 | 0.84 | 0.78 |
| YoY Growth | - | - | -23.59% | -14.38% | 33.35% | 80.46% | -31.78% | -35.28% | -3.28% | 37.04% | 7.19% | 5.51% |
| Dividend Yield | - | - | 8.93% | 13.84% | 10.17% | 5.87% | 6.32% | 7.91% | 11.11% | 7.06% | 5.93% | 6.93% |
| Net Income To Common (M) | 11.11 |
| (-) Cash Dividends Paid (M) | 4.80 |
| (=) Cash Retained (M) | 6.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.22 | 1.39 | 0.83 |
| Cash Retained (M) | 6.31 | 6.31 | 6.31 |
| (-) Cash Required (M) | -2.22 | -1.39 | -0.83 |
| (=) Excess Retained (M) | 4.09 | 4.92 | 5.48 |
| (/) Shares Outstanding (M) | 3.33 | 3.33 | 3.33 |
| (=) Excess Retained per Share | 1.23 | 1.48 | 1.65 |
| LTM Dividend per Share | 1.44 | 1.44 | 1.44 |
| (+) Excess Retained per Share | 1.23 | 1.48 | 1.65 |
| (=) Adjusted Dividend | 2.67 | 2.92 | 3.09 |
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $29.68 | $36.99 | $45.29 |
| Upside / Downside | 250.86% | 337.23% | 435.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 11.11 | 11.00 | 10.89 | 10.78 | 10.68 | 10.57 | 10.89 |
| Payout Ratio | 43.23% | 52.59% | 61.94% | 71.29% | 80.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 4.80 | 5.79 | 6.75 | 7.69 | 8.61 | 9.51 | 10.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 5.36 | 5.42 | 5.47 |
| Year 2 PV (M) | 5.79 | 5.91 | 6.03 |
| Year 3 PV (M) | 6.12 | 6.31 | 6.50 |
| Year 4 PV (M) | 6.35 | 6.61 | 6.88 |
| Year 5 PV (M) | 6.50 | 6.84 | 7.19 |
| PV of Terminal Value (M) | 180.00 | 189.38 | 199.14 |
| Equity Value (M) | 210.12 | 220.46 | 231.21 |
| Shares Outstanding (M) | 3.33 | 3.33 | 3.33 |
| Fair Value | $63.16 | $66.26 | $69.49 |
| Upside / Downside | 646.53% | 683.25% | 721.45% |
| 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% |