Definitive Analysis
| Stable Growth | $92.77 - $496.58 | $167.91 |
| Multi-Stage | $78.14 - $85.64 | $81.82 |
| Blended Fair Value | $124.86 | |
| Current Price | $14.10 | |
| Upside | 785.56% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.22% | 16.56% | 0.52 | 0.46 | 0.01 | 0.05 | 0.45 | 0.35 | 0.17 | 0.12 | 0.14 | 0.03 |
| YoY Growth | - | - | 13.99% | 4,117.85% | -80.08% | -87.97% | 28.88% | 112.48% | 38.99% | -15.51% | 316.76% | -70.02% |
| Dividend Yield | - | - | 3.62% | 2.93% | 0.07% | 0.31% | 3.01% | 2.52% | 1.46% | 1.28% | 1.86% | 0.57% |
| Net Income To Common (M) | 78.43 |
| (-) Cash Dividends Paid (M) | 26.81 |
| (=) Cash Retained (M) | 51.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15.69 | 9.80 | 5.88 |
| Cash Retained (M) | 51.62 | 51.62 | 51.62 |
| (-) Cash Required (M) | -15.69 | -9.80 | -5.88 |
| (=) Excess Retained (M) | 35.94 | 41.82 | 45.74 |
| (/) Shares Outstanding (M) | 27.41 | 27.41 | 27.41 |
| (=) Excess Retained per Share | 1.31 | 1.53 | 1.67 |
| LTM Dividend per Share | 0.98 | 0.98 | 0.98 |
| (+) Excess Retained per Share | 1.31 | 1.53 | 1.67 |
| (=) Adjusted Dividend | 2.29 | 2.50 | 2.65 |
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 3.92% | 4.92% | 5.92% |
| Fair Value | $92.77 | $167.91 | $496.58 |
| Upside / Downside | 557.92% | 1,090.87% | 3,421.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 78.43 | 82.29 | 86.34 | 90.59 | 95.05 | 99.73 | 102.72 |
| Payout Ratio | 34.18% | 45.34% | 56.51% | 67.67% | 78.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 26.81 | 37.31 | 48.79 | 61.30 | 74.93 | 89.76 | 95.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 3.92% | 4.92% | 5.92% |
| Year 1 PV (M) | 34.71 | 35.04 | 35.37 |
| Year 2 PV (M) | 42.21 | 43.03 | 43.85 |
| Year 3 PV (M) | 49.33 | 50.77 | 52.23 |
| Year 4 PV (M) | 56.09 | 58.28 | 60.53 |
| Year 5 PV (M) | 62.49 | 65.55 | 68.73 |
| PV of Terminal Value (M) | 1,896.67 | 1,989.70 | 2,086.34 |
| Equity Value (M) | 2,141.49 | 2,242.36 | 2,347.06 |
| Shares Outstanding (M) | 27.41 | 27.41 | 27.41 |
| Fair Value | $78.14 | $81.82 | $85.64 |
| Upside / Downside | 454.16% | 480.26% | 507.35% |
| 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% |