Definitive Analysis
| Stable Growth | $18.24 - $25.64 | $21.91 |
| Multi-Stage | $32.43 - $35.60 | $33.99 |
| Blended Fair Value | $27.95 | |
| Current Price | $11.03 | |
| Upside | 153.39% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.36% | -3.23% | 0.69 | 0.68 | 0.84 | 0.84 | 0.77 | 0.74 | 0.79 | 0.83 | 0.87 | 0.88 |
| YoY Growth | - | - | 1.36% | -18.42% | -0.96% | 8.84% | 4.79% | -6.90% | -4.05% | -5.16% | -1.16% | -7.93% |
| Dividend Yield | - | - | 6.06% | 6.94% | 7.37% | 4.90% | 4.10% | 4.54% | 6.58% | 5.34% | 6.55% | 6.68% |
| Net Income To Common (M) | 37.75 |
| (-) Cash Dividends Paid (M) | 18.32 |
| (=) Cash Retained (M) | 19.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.55 | 4.72 | 2.83 |
| Cash Retained (M) | 19.44 | 19.44 | 19.44 |
| (-) Cash Required (M) | -7.55 | -4.72 | -2.83 |
| (=) Excess Retained (M) | 11.89 | 14.72 | 16.61 |
| (/) Shares Outstanding (M) | 12.85 | 12.85 | 12.85 |
| (=) Excess Retained per Share | 0.92 | 1.15 | 1.29 |
| LTM Dividend per Share | 1.43 | 1.43 | 1.43 |
| (+) Excess Retained per Share | 0.92 | 1.15 | 1.29 |
| (=) Adjusted Dividend | 2.35 | 2.57 | 2.72 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -3.36% | -2.36% | -1.36% |
| Fair Value | $18.24 | $21.91 | $25.64 |
| Upside / Downside | 65.33% | 98.65% | 132.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 37.75 | 36.86 | 36.00 | 35.15 | 34.32 | 33.51 | 34.52 |
| Payout Ratio | 48.51% | 56.81% | 65.11% | 73.41% | 81.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 18.32 | 20.94 | 23.44 | 25.80 | 28.04 | 30.16 | 31.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -3.36% | -2.36% | -1.36% |
| Year 1 PV (M) | 19.00 | 19.20 | 19.39 |
| Year 2 PV (M) | 19.29 | 19.69 | 20.10 |
| Year 3 PV (M) | 19.27 | 19.87 | 20.49 |
| Year 4 PV (M) | 18.99 | 19.79 | 20.62 |
| Year 5 PV (M) | 18.54 | 19.51 | 20.53 |
| PV of Terminal Value (M) | 321.77 | 338.76 | 356.47 |
| Equity Value (M) | 416.85 | 436.83 | 457.60 |
| Shares Outstanding (M) | 12.85 | 12.85 | 12.85 |
| Fair Value | $32.43 | $33.99 | $35.60 |
| Upside / Downside | 194.05% | 208.14% | 222.79% |
| 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% |