Definitive Analysis
| Stable Growth | $13.12 - $18.06 | $15.61 |
| Multi-Stage | $24.60 - $27.05 | $25.80 |
| Blended Fair Value | $20.71 | |
| Current Price | $8.98 | |
| Upside | 130.57% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.93% | -4.13% | 0.57 | 0.58 | 0.75 | 0.73 | 0.70 | 0.66 | 0.73 | 0.77 | 0.78 | 0.79 |
| YoY Growth | - | - | -2.42% | -22.64% | 2.91% | 4.73% | 5.91% | -10.01% | -4.19% | -1.87% | -0.66% | -9.40% |
| Dividend Yield | - | - | 6.19% | 7.56% | 8.08% | 5.86% | 5.63% | 5.39% | 6.71% | 6.38% | 7.28% | 7.27% |
| Net Income To Common (M) | 31.65 |
| (-) Cash Dividends Paid (M) | 13.67 |
| (=) Cash Retained (M) | 17.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.33 | 3.96 | 2.37 |
| Cash Retained (M) | 17.98 | 17.98 | 17.98 |
| (-) Cash Required (M) | -6.33 | -3.96 | -2.37 |
| (=) Excess Retained (M) | 11.65 | 14.03 | 15.61 |
| (/) Shares Outstanding (M) | 13.08 | 13.08 | 13.08 |
| (=) Excess Retained per Share | 0.89 | 1.07 | 1.19 |
| LTM Dividend per Share | 1.05 | 1.05 | 1.05 |
| (+) Excess Retained per Share | 0.89 | 1.07 | 1.19 |
| (=) Adjusted Dividend | 1.94 | 2.12 | 2.24 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.93% | -3.93% | -2.93% |
| Fair Value | $13.12 | $15.61 | $18.06 |
| Upside / Downside | 46.06% | 73.82% | 101.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 31.65 | 30.40 | 29.21 | 28.06 | 26.95 | 25.89 | 26.67 |
| Payout Ratio | 43.18% | 52.55% | 61.91% | 71.27% | 80.64% | 90.00% | 92.50% |
| Projected Dividends (M) | 13.67 | 15.98 | 18.08 | 20.00 | 21.73 | 23.30 | 24.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.93% | -3.93% | -2.93% |
| Year 1 PV (M) | 14.49 | 14.64 | 14.80 |
| Year 2 PV (M) | 14.88 | 15.19 | 15.51 |
| Year 3 PV (M) | 14.92 | 15.40 | 15.89 |
| Year 4 PV (M) | 14.71 | 15.34 | 15.99 |
| Year 5 PV (M) | 14.31 | 15.08 | 15.88 |
| PV of Terminal Value (M) | 248.41 | 261.76 | 275.67 |
| Equity Value (M) | 321.73 | 337.41 | 353.73 |
| Shares Outstanding (M) | 13.08 | 13.08 | 13.08 |
| Fair Value | $24.60 | $25.80 | $27.05 |
| Upside / Downside | 173.97% | 187.32% | 201.22% |
| 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% |