Definitive Analysis
| Stable Growth | $5.81 - $20.90 | $9.66 |
| Multi-Stage | $5.88 - $6.43 | $6.15 |
| Blended Fair Value | $7.91 | |
| Current Price | $1.60 | |
| Upside | 394.13% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.64% | -12.74% | 0.15 | 0.12 | 0.22 | 0.13 | 0.17 | 0.12 | 0.10 | 0.08 | 0.10 | 0.21 |
| YoY Growth | - | - | 22.74% | -43.82% | 66.10% | -20.44% | 44.37% | 16.73% | 23.13% | -23.20% | -51.36% | -63.78% |
| Dividend Yield | - | - | 10.59% | 5.58% | 14.08% | 3.11% | 4.15% | 3.24% | 2.05% | 1.64% | 2.31% | 8.25% |
| Net Income To Common (M) | 28.66 |
| (-) Cash Dividends Paid (M) | 23.92 |
| (=) Cash Retained (M) | 4.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5.73 | 3.58 | 2.15 |
| Cash Retained (M) | 4.74 | 4.74 | 4.74 |
| (-) Cash Required (M) | -5.73 | -3.58 | -2.15 |
| (=) Excess Retained (M) | -1.00 | 1.15 | 2.59 |
| (/) Shares Outstanding (M) | 137.29 | 137.29 | 137.29 |
| (=) Excess Retained per Share | -0.01 | 0.01 | 0.02 |
| LTM Dividend per Share | 0.17 | 0.17 | 0.17 |
| (+) Excess Retained per Share | -0.01 | 0.01 | 0.02 |
| (=) Adjusted Dividend | 0.17 | 0.18 | 0.19 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 3.45% | 4.45% | 5.45% |
| Fair Value | $5.81 | $9.66 | $20.90 |
| Upside / Downside | 263.02% | 503.93% | 1,206.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 28.66 | 29.93 | 31.27 | 32.66 | 34.11 | 35.63 | 36.70 |
| Payout Ratio | 83.48% | 84.78% | 86.09% | 87.39% | 88.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 23.92 | 25.38 | 26.92 | 28.54 | 30.26 | 32.07 | 33.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 3.45% | 4.45% | 5.45% |
| Year 1 PV (M) | 23.62 | 23.85 | 24.07 |
| Year 2 PV (M) | 23.31 | 23.76 | 24.22 |
| Year 3 PV (M) | 23.00 | 23.68 | 24.36 |
| Year 4 PV (M) | 22.69 | 23.58 | 24.50 |
| Year 5 PV (M) | 22.38 | 23.49 | 24.63 |
| PV of Terminal Value (M) | 691.77 | 725.86 | 761.27 |
| Equity Value (M) | 806.78 | 844.21 | 883.07 |
| Shares Outstanding (M) | 137.29 | 137.29 | 137.29 |
| Fair Value | $5.88 | $6.15 | $6.43 |
| Upside / Downside | 267.28% | 284.33% | 302.01% |
| 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% |