Definitive Analysis
| Stable Growth | $53.68 - $135.57 | $80.83 |
| Multi-Stage | $39.53 - $43.12 | $41.29 |
| Blended Fair Value | $61.06 | |
| Current Price | $54.12 | |
| Upside | 12.83% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.69% | 6.71% | 1.30 | 1.25 | 1.16 | 1.08 | 1.01 | 0.90 | 0.83 | 0.78 | 0.73 | 0.70 |
| YoY Growth | - | - | 4.31% | 7.84% | 7.42% | 6.57% | 12.45% | 8.27% | 6.63% | 6.58% | 4.65% | 2.63% |
| Dividend Yield | - | - | 2.03% | 2.43% | 1.48% | 1.02% | 1.28% | 1.49% | 1.51% | 2.12% | 1.97% | 2.26% |
| Net Income To Common (M) | 43.02 |
| (-) Cash Dividends Paid (M) | 24.39 |
| (=) Cash Retained (M) | 18.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8.60 | 5.38 | 3.23 |
| Cash Retained (M) | 18.63 | 18.63 | 18.63 |
| (-) Cash Required (M) | -8.60 | -5.38 | -3.23 |
| (=) Excess Retained (M) | 10.03 | 13.25 | 15.40 |
| (/) Shares Outstanding (M) | 18.01 | 18.01 | 18.01 |
| (=) Excess Retained per Share | 0.56 | 0.74 | 0.86 |
| LTM Dividend per Share | 1.35 | 1.35 | 1.35 |
| (+) Excess Retained per Share | 0.56 | 0.74 | 0.86 |
| (=) Adjusted Dividend | 1.91 | 2.09 | 2.21 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.35% | 6.35% | 7.35% |
| Fair Value | $53.68 | $80.83 | $135.57 |
| Upside / Downside | -0.81% | 49.36% | 150.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 43.02 | 45.75 | 48.65 | 51.74 | 55.03 | 58.52 | 60.28 |
| Payout Ratio | 56.69% | 63.35% | 70.02% | 76.68% | 83.34% | 90.00% | 92.50% |
| Projected Dividends (M) | 24.39 | 28.98 | 34.07 | 39.68 | 45.86 | 52.67 | 55.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.35% | 6.35% | 7.35% |
| Year 1 PV (M) | 26.32 | 26.57 | 26.82 |
| Year 2 PV (M) | 28.09 | 28.62 | 29.16 |
| Year 3 PV (M) | 29.70 | 30.55 | 31.42 |
| Year 4 PV (M) | 31.17 | 32.37 | 33.61 |
| Year 5 PV (M) | 32.51 | 34.08 | 35.71 |
| PV of Terminal Value (M) | 564.31 | 591.60 | 619.94 |
| Equity Value (M) | 712.09 | 743.80 | 776.67 |
| Shares Outstanding (M) | 18.01 | 18.01 | 18.01 |
| Fair Value | $39.53 | $41.29 | $43.12 |
| Upside / Downside | -26.96% | -23.70% | -20.33% |
| 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% |