Definitive Analysis
| Stable Growth | $18.37 - $26.45 | $22.31 |
| Multi-Stage | $32.03 - $35.05 | $33.51 |
| Blended Fair Value | $27.91 | |
| Current Price | $16.80 | |
| Upside | 66.15% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.48% | 5.18% | 1.22 | 0.90 | 1.67 | 1.10 | 1.02 | 0.65 | 1.60 | 0.58 | 0.56 | 0.66 |
| YoY Growth | - | - | 35.99% | -46.24% | 50.95% | 8.13% | 57.74% | -59.49% | 175.79% | 2.96% | -14.37% | -10.63% |
| Dividend Yield | - | - | 7.63% | 5.85% | 11.39% | 5.47% | 5.74% | 3.91% | 11.74% | 3.21% | 4.10% | 5.03% |
| Net Income To Common (M) | 42.31 |
| (-) Cash Dividends Paid (M) | 34.91 |
| (=) Cash Retained (M) | 7.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8.46 | 5.29 | 3.17 |
| Cash Retained (M) | 7.40 | 7.40 | 7.40 |
| (-) Cash Required (M) | -8.46 | -5.29 | -3.17 |
| (=) Excess Retained (M) | -1.07 | 2.11 | 4.22 |
| (/) Shares Outstanding (M) | 16.27 | 16.27 | 16.27 |
| (=) Excess Retained per Share | -0.07 | 0.13 | 0.26 |
| LTM Dividend per Share | 2.15 | 2.15 | 2.15 |
| (+) Excess Retained per Share | -0.07 | 0.13 | 0.26 |
| (=) Adjusted Dividend | 2.08 | 2.28 | 2.41 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $18.37 | $22.31 | $26.45 |
| Upside / Downside | 9.37% | 32.82% | 57.41% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 42.31 | 41.89 | 41.47 | 41.05 | 40.64 | 40.24 | 41.44 |
| Payout Ratio | 82.52% | 84.01% | 85.51% | 87.01% | 88.50% | 90.00% | 92.50% |
| Projected Dividends (M) | 34.91 | 35.19 | 35.46 | 35.72 | 35.97 | 36.21 | 38.33 |
| 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) | 31.93 | 32.26 | 32.58 |
| Year 2 PV (M) | 29.19 | 29.79 | 30.40 |
| Year 3 PV (M) | 26.68 | 27.51 | 28.35 |
| Year 4 PV (M) | 24.38 | 25.39 | 26.43 |
| Year 5 PV (M) | 22.27 | 23.43 | 24.64 |
| PV of Terminal Value (M) | 386.61 | 406.75 | 427.71 |
| Equity Value (M) | 521.07 | 545.12 | 570.10 |
| Shares Outstanding (M) | 16.27 | 16.27 | 16.27 |
| Fair Value | $32.03 | $33.51 | $35.05 |
| Upside / Downside | 90.68% | 99.48% | 108.62% |
| 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% |