Definitive Analysis
| Stable Growth | $44.12 - $64.92 | $54.11 |
| Multi-Stage | $83.97 - $92.00 | $87.91 |
| Blended Fair Value | $71.01 | |
| Current Price | $33.98 | |
| Upside | 108.98% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -29.26% | 0.00% | 2.52 | 2.19 | 0.66 | 0.85 | 8.85 | 14.25 | 14.21 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 15.21% | 230.97% | -22.50% | -90.35% | -37.90% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 8.72% | 6.76% | 2.98% | 6.76% | 30.47% | 19.79% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 9.82 |
| (-) Cash Dividends Paid (M) | 8.48 |
| (=) Cash Retained (M) | 1.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.96 | 1.23 | 0.74 |
| Cash Retained (M) | 1.34 | 1.34 | 1.34 |
| (-) Cash Required (M) | -1.96 | -1.23 | -0.74 |
| (=) Excess Retained (M) | -0.62 | 0.12 | 0.61 |
| (/) Shares Outstanding (M) | 1.73 | 1.73 | 1.73 |
| (=) Excess Retained per Share | -0.36 | 0.07 | 0.35 |
| LTM Dividend per Share | 4.90 | 4.90 | 4.90 |
| (+) Excess Retained per Share | -0.36 | 0.07 | 0.35 |
| (=) Adjusted Dividend | 4.54 | 4.97 | 5.25 |
| WACC / Discount Rate | 8.09% | 8.09% | 8.09% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $44.12 | $54.11 | $64.92 |
| Upside / Downside | 29.85% | 59.25% | 91.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 9.82 | 9.72 | 9.63 | 9.53 | 9.44 | 9.34 | 9.62 |
| Payout Ratio | 86.32% | 87.05% | 87.79% | 88.53% | 89.26% | 90.00% | 92.50% |
| Projected Dividends (M) | 8.48 | 8.47 | 8.45 | 8.44 | 8.42 | 8.41 | 8.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.09% | 8.09% | 8.09% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 7.75 | 7.83 | 7.91 |
| Year 2 PV (M) | 7.09 | 7.23 | 7.38 |
| Year 3 PV (M) | 6.48 | 6.68 | 6.89 |
| Year 4 PV (M) | 5.92 | 6.17 | 6.42 |
| Year 5 PV (M) | 5.42 | 5.70 | 5.99 |
| PV of Terminal Value (M) | 112.53 | 118.39 | 124.49 |
| Equity Value (M) | 145.19 | 152.01 | 159.09 |
| Shares Outstanding (M) | 1.73 | 1.73 | 1.73 |
| Fair Value | $83.97 | $87.91 | $92.00 |
| Upside / Downside | 147.11% | 158.70% | 170.75% |
| 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% |