Definitive Analysis
| Stable Growth | $12.48 - $17.96 | $15.15 |
| Multi-Stage | $19.75 - $21.72 | $20.72 |
| Blended Fair Value | $17.93 | |
| Current Price | $13.13 | |
| Upside | 36.59% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.73% | 0.00% | 0.89 | 0.81 | 0.74 | 0.42 | 0.41 | 0.67 | 0.64 | 0.59 | 0.50 | 0.34 |
| YoY Growth | - | - | 9.11% | 10.36% | 76.33% | 1.25% | -38.53% | 5.53% | 8.16% | 17.88% | 46.13% | 0.00% |
| Dividend Yield | - | - | 5.39% | 5.14% | 4.66% | 2.64% | 2.61% | 4.24% | 4.02% | 3.72% | 3.15% | 0.00% |
| Net Income To Common (M) | 79.16 |
| (-) Cash Dividends Paid (M) | 10.07 |
| (=) Cash Retained (M) | 69.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15.83 | 9.89 | 5.94 |
| Cash Retained (M) | 69.09 | 69.09 | 69.09 |
| (-) Cash Required (M) | -15.83 | -9.89 | -5.94 |
| (=) Excess Retained (M) | 53.26 | 59.19 | 63.15 |
| (/) Shares Outstanding (M) | 44.82 | 44.82 | 44.82 |
| (=) Excess Retained per Share | 1.19 | 1.32 | 1.41 |
| LTM Dividend per Share | 0.22 | 0.22 | 0.22 |
| (+) Excess Retained per Share | 1.19 | 1.32 | 1.41 |
| (=) Adjusted Dividend | 1.41 | 1.55 | 1.63 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $12.48 | $15.15 | $17.96 |
| Upside / Downside | -4.97% | 15.40% | 36.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 79.16 | 78.37 | 77.58 | 76.81 | 76.04 | 75.28 | 77.54 |
| Payout Ratio | 12.72% | 28.18% | 43.63% | 59.09% | 74.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.07 | 22.08 | 33.85 | 45.38 | 56.68 | 67.75 | 71.72 |
| 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) | 20.04 | 20.24 | 20.44 |
| Year 2 PV (M) | 27.87 | 28.44 | 29.02 |
| Year 3 PV (M) | 33.90 | 34.95 | 36.02 |
| Year 4 PV (M) | 38.42 | 40.01 | 41.65 |
| Year 5 PV (M) | 41.67 | 43.84 | 46.09 |
| PV of Terminal Value (M) | 723.31 | 760.98 | 800.20 |
| Equity Value (M) | 885.21 | 928.46 | 973.43 |
| Shares Outstanding (M) | 44.82 | 44.82 | 44.82 |
| Fair Value | $19.75 | $20.72 | $21.72 |
| Upside / Downside | 50.43% | 57.78% | 65.43% |
| 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% |