Definitive Analysis
| Stable Growth | $73.20 - $126.91 | $96.25 |
| Multi-Stage | $80.32 - $87.86 | $84.02 |
| Blended Fair Value | $90.13 | |
| Current Price | $110.58 | |
| Upside | -18.49% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.69% | -23.24% | 1.99 | 1.99 | 1.84 | 1.50 | 1.40 | 1.44 | 1.06 | 5.13 | 0.09 | 0.09 |
| YoY Growth | - | - | 0.13% | 7.91% | 22.52% | 7.15% | -2.55% | 36.32% | -79.42% | 5,519.47% | 0.00% | -99.67% |
| Dividend Yield | - | - | 1.80% | 2.89% | 2.37% | 2.57% | 2.01% | 2.60% | 1.37% | 5.47% | 0.14% | 0.22% |
| Net Income To Common (M) | 22.85 |
| (-) Cash Dividends Paid (M) | 8.17 |
| (=) Cash Retained (M) | 14.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4.57 | 2.86 | 1.71 |
| Cash Retained (M) | 14.68 | 14.68 | 14.68 |
| (-) Cash Required (M) | -4.57 | -2.86 | -1.71 |
| (=) Excess Retained (M) | 10.11 | 11.82 | 12.96 |
| (/) Shares Outstanding (M) | 4.11 | 4.11 | 4.11 |
| (=) Excess Retained per Share | 2.46 | 2.88 | 3.15 |
| LTM Dividend per Share | 1.99 | 1.99 | 1.99 |
| (+) Excess Retained per Share | 2.46 | 2.88 | 3.15 |
| (=) Adjusted Dividend | 4.45 | 4.86 | 5.14 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.85% | 3.85% | 4.85% |
| Fair Value | $73.20 | $96.25 | $126.91 |
| Upside / Downside | -33.80% | -12.96% | 14.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 22.85 | 23.73 | 24.64 | 25.59 | 26.57 | 27.60 | 28.42 |
| Payout Ratio | 35.76% | 46.61% | 57.45% | 68.30% | 79.15% | 90.00% | 92.50% |
| Projected Dividends (M) | 8.17 | 11.06 | 14.16 | 17.48 | 21.03 | 24.84 | 26.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.85% | 3.85% | 4.85% |
| Year 1 PV (M) | 10.04 | 10.14 | 10.23 |
| Year 2 PV (M) | 11.67 | 11.89 | 12.12 |
| Year 3 PV (M) | 13.07 | 13.46 | 13.85 |
| Year 4 PV (M) | 14.28 | 14.85 | 15.43 |
| Year 5 PV (M) | 15.31 | 16.07 | 16.86 |
| PV of Terminal Value (M) | 265.80 | 278.97 | 292.66 |
| Equity Value (M) | 330.17 | 345.38 | 361.16 |
| Shares Outstanding (M) | 4.11 | 4.11 | 4.11 |
| Fair Value | $80.32 | $84.02 | $87.86 |
| Upside / Downside | -27.36% | -24.02% | -20.54% |
| 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% |