Definitive Analysis
| Stable Growth | $133.91 - $438.36 | $217.47 |
| Multi-Stage | $130.10 - $142.55 | $136.21 |
| Blended Fair Value | $176.84 | |
| Current Price | $22.10 | |
| Upside | 700.17% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.93% | 11.94% | 1.24 | 1.21 | 0.83 | 0.54 | 0.00 | 0.89 | 0.63 | 0.49 | 0.42 | 0.42 |
| YoY Growth | - | - | 2.32% | 45.89% | 53.33% | 13,400.00% | -99.55% | 39.87% | 28.46% | 17.14% | 0.00% | 5.00% |
| Dividend Yield | - | - | 6.02% | 3.46% | 2.29% | 1.53% | 0.02% | 2.71% | 2.81% | 1.39% | 2.16% | 2.58% |
| Net Income To Common (M) | 126.00 |
| (-) Cash Dividends Paid (M) | 57.20 |
| (=) Cash Retained (M) | 68.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 25.20 | 15.75 | 9.45 |
| Cash Retained (M) | 68.80 | 68.80 | 68.80 |
| (-) Cash Required (M) | -25.20 | -15.75 | -9.45 |
| (=) Excess Retained (M) | 43.60 | 53.05 | 59.35 |
| (/) Shares Outstanding (M) | 24.94 | 24.94 | 24.94 |
| (=) Excess Retained per Share | 1.75 | 2.13 | 2.38 |
| LTM Dividend per Share | 2.29 | 2.29 | 2.29 |
| (+) Excess Retained per Share | 1.75 | 2.13 | 2.38 |
| (=) Adjusted Dividend | 4.04 | 4.42 | 4.67 |
| WACC / Discount Rate | 6.65% | 6.65% | 6.65% |
| Growth Rate | 3.53% | 4.53% | 5.53% |
| Fair Value | $133.91 | $217.47 | $438.36 |
| Upside / Downside | 505.94% | 884.02% | 1,883.55% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 126.00 | 131.71 | 137.67 | 143.91 | 150.43 | 157.24 | 161.96 |
| Payout Ratio | 45.40% | 54.32% | 63.24% | 72.16% | 81.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 57.20 | 71.54 | 87.06 | 103.84 | 121.96 | 141.52 | 149.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.65% | 6.65% | 6.65% |
| Growth Rate | 3.53% | 4.53% | 5.53% |
| Year 1 PV (M) | 66.43 | 67.08 | 67.72 |
| Year 2 PV (M) | 75.08 | 76.54 | 78.01 |
| Year 3 PV (M) | 83.16 | 85.59 | 88.07 |
| Year 4 PV (M) | 90.70 | 94.26 | 97.92 |
| Year 5 PV (M) | 97.73 | 102.54 | 107.54 |
| PV of Terminal Value (M) | 2,831.01 | 2,970.40 | 3,115.23 |
| Equity Value (M) | 3,244.11 | 3,396.41 | 3,554.49 |
| Shares Outstanding (M) | 24.94 | 24.94 | 24.94 |
| Fair Value | $130.10 | $136.21 | $142.55 |
| Upside / Downside | 488.68% | 516.32% | 545.00% |
| 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% |