Definitive Analysis
| Stable Growth | $23.15 - $31.98 | $27.59 |
| Multi-Stage | $45.70 - $50.08 | $47.85 |
| Blended Fair Value | $37.72 | |
| Current Price | $18.74 | |
| Upside | 101.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -11.58% | 0.00% | 1.78 | 1.57 | 1.06 | 0.97 | 0.98 | 3.30 | 6.03 | 9.63 | 0.00 | 0.00 |
| YoY Growth | - | - | 13.76% | 47.49% | 9.88% | -1.02% | -70.39% | -45.25% | -37.35% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 9.91% | 9.29% | 6.57% | 4.62% | 4.95% | 15.04% | 26.99% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 22.92 |
| (-) Cash Dividends Paid (M) | 19.32 |
| (=) Cash Retained (M) | 3.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4.58 | 2.86 | 1.72 |
| Cash Retained (M) | 3.60 | 3.60 | 3.60 |
| (-) Cash Required (M) | -4.58 | -2.86 | -1.72 |
| (=) Excess Retained (M) | -0.99 | 0.73 | 1.88 |
| (/) Shares Outstanding (M) | 5.48 | 5.48 | 5.48 |
| (=) Excess Retained per Share | -0.18 | 0.13 | 0.34 |
| LTM Dividend per Share | 3.53 | 3.53 | 3.53 |
| (+) Excess Retained per Share | -0.18 | 0.13 | 0.34 |
| (=) Adjusted Dividend | 3.35 | 3.66 | 3.87 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.68% | -3.68% | -2.68% |
| Fair Value | $23.15 | $27.59 | $31.98 |
| Upside / Downside | 23.56% | 47.24% | 70.63% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 22.92 | 22.07 | 21.26 | 20.48 | 19.72 | 19.00 | 19.57 |
| Payout Ratio | 84.31% | 85.45% | 86.59% | 87.72% | 88.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 19.32 | 18.86 | 18.41 | 17.96 | 17.53 | 17.10 | 18.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.68% | -3.68% | -2.68% |
| Year 1 PV (M) | 17.11 | 17.29 | 17.47 |
| Year 2 PV (M) | 15.15 | 15.47 | 15.79 |
| Year 3 PV (M) | 13.41 | 13.83 | 14.27 |
| Year 4 PV (M) | 11.87 | 12.37 | 12.89 |
| Year 5 PV (M) | 10.50 | 11.06 | 11.65 |
| PV of Terminal Value (M) | 182.27 | 192.03 | 202.21 |
| Equity Value (M) | 250.30 | 262.05 | 274.28 |
| Shares Outstanding (M) | 5.48 | 5.48 | 5.48 |
| Fair Value | $45.70 | $47.85 | $50.08 |
| Upside / Downside | 143.88% | 155.33% | 167.24% |
| 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% |