Definitive Analysis
| Stable Growth | $36.75 - $97.49 | $56.20 |
| Multi-Stage | $25.19 - $27.52 | $26.33 |
| Blended Fair Value | $41.26 | |
| Current Price | $25.88 | |
| Upside | 59.44% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.49% | 12.30% | 0.40 | 0.40 | 0.39 | 0.33 | 0.28 | 0.29 | 0.27 | 0.23 | 0.18 | 0.15 |
| YoY Growth | - | - | 0.55% | 0.79% | 18.93% | 17.38% | -3.19% | 8.18% | 18.90% | 23.94% | 21.69% | 20.10% |
| Dividend Yield | - | - | 1.54% | 1.96% | 2.64% | 1.74% | 1.24% | 1.88% | 1.28% | 0.97% | 0.94% | 0.80% |
| Net Income To Common (M) | 5.06 |
| (-) Cash Dividends Paid (M) | 1.29 |
| (=) Cash Retained (M) | 3.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.01 | 0.63 | 0.38 |
| Cash Retained (M) | 3.78 | 3.78 | 3.78 |
| (-) Cash Required (M) | -1.01 | -0.63 | -0.38 |
| (=) Excess Retained (M) | 2.76 | 3.14 | 3.40 |
| (/) Shares Outstanding (M) | 3.23 | 3.23 | 3.23 |
| (=) Excess Retained per Share | 0.86 | 0.97 | 1.05 |
| LTM Dividend per Share | 0.40 | 0.40 | 0.40 |
| (+) Excess Retained per Share | 0.86 | 0.97 | 1.05 |
| (=) Adjusted Dividend | 1.25 | 1.37 | 1.45 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $36.75 | $56.20 | $97.49 |
| Upside / Downside | 42.01% | 117.14% | 276.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5.06 | 5.39 | 5.74 | 6.12 | 6.51 | 6.94 | 7.14 |
| Payout Ratio | 25.40% | 38.32% | 51.24% | 64.16% | 77.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.29 | 2.07 | 2.94 | 3.92 | 5.02 | 6.24 | 6.61 |
| 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) | 1.88 | 1.89 | 1.91 |
| Year 2 PV (M) | 2.43 | 2.47 | 2.52 |
| Year 3 PV (M) | 2.94 | 3.02 | 3.11 |
| Year 4 PV (M) | 3.41 | 3.54 | 3.68 |
| Year 5 PV (M) | 3.85 | 4.04 | 4.23 |
| PV of Terminal Value (M) | 66.89 | 70.12 | 73.48 |
| Equity Value (M) | 81.40 | 85.09 | 88.93 |
| Shares Outstanding (M) | 3.23 | 3.23 | 3.23 |
| Fair Value | $25.19 | $26.33 | $27.52 |
| Upside / Downside | -2.67% | 1.75% | 6.33% |
| 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% |