Definitive Analysis
| Stable Growth | $25.30 - $47.08 | $34.21 |
| Multi-Stage | $24.71 - $27.03 | $25.85 |
| Blended Fair Value | $30.03 | |
| Current Price | $40.46 | |
| Upside | -25.78% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.03% | 2.23% | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.46 | 0.39 | 0.39 | 0.39 |
| YoY Growth | - | - | 0.04% | 0.00% | 0.00% | 0.06% | 0.06% | 4.44% | 15.67% | 1.55% | 0.76% | 0.72% |
| Dividend Yield | - | - | 1.18% | 2.12% | 3.74% | 3.59% | 2.21% | 2.74% | 2.14% | 0.91% | 1.05% | 1.42% |
| Net Income To Common (M) | 67.82 |
| (-) Cash Dividends Paid (M) | 19.45 |
| (=) Cash Retained (M) | 48.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13.56 | 8.48 | 5.09 |
| Cash Retained (M) | 48.36 | 48.36 | 48.36 |
| (-) Cash Required (M) | -13.56 | -8.48 | -5.09 |
| (=) Excess Retained (M) | 34.80 | 39.89 | 43.28 |
| (/) Shares Outstanding (M) | 40.75 | 40.75 | 40.75 |
| (=) Excess Retained per Share | 0.85 | 0.98 | 1.06 |
| LTM Dividend per Share | 0.48 | 0.48 | 0.48 |
| (+) Excess Retained per Share | 0.85 | 0.98 | 1.06 |
| (=) Adjusted Dividend | 1.33 | 1.46 | 1.54 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.64% | 4.64% | 5.64% |
| Fair Value | $25.30 | $34.21 | $47.08 |
| Upside / Downside | -37.47% | -15.45% | 16.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 67.82 | 70.97 | 74.26 | 77.71 | 81.32 | 85.09 | 87.65 |
| Payout Ratio | 28.68% | 40.95% | 53.21% | 65.47% | 77.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 19.45 | 29.06 | 39.51 | 50.88 | 63.21 | 76.58 | 81.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.64% | 4.64% | 5.64% |
| Year 1 PV (M) | 26.38 | 26.64 | 26.89 |
| Year 2 PV (M) | 32.57 | 33.20 | 33.84 |
| Year 3 PV (M) | 38.07 | 39.18 | 40.32 |
| Year 4 PV (M) | 42.94 | 44.62 | 46.35 |
| Year 5 PV (M) | 47.23 | 49.55 | 51.96 |
| PV of Terminal Value (M) | 819.88 | 860.21 | 902.10 |
| Equity Value (M) | 1,007.07 | 1,053.40 | 1,101.46 |
| Shares Outstanding (M) | 40.75 | 40.75 | 40.75 |
| Fair Value | $24.71 | $25.85 | $27.03 |
| Upside / Downside | -38.92% | -36.11% | -33.19% |
| 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% |