Definitive Analysis
| Stable Growth | $26.10 - $38.22 | $31.94 |
| Multi-Stage | $53.57 - $58.97 | $56.22 |
| Blended Fair Value | $44.08 | |
| Current Price | $16.14 | |
| Upside | 173.12% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.87% | -16.55% | 0.64 | 0.60 | 0.61 | 0.50 | 0.35 | 0.53 | 1.70 | 1.70 | 1.70 | 3.89 |
| YoY Growth | - | - | 6.80% | -1.44% | 21.51% | 43.33% | -34.07% | -68.89% | -0.17% | 0.17% | -56.44% | 0.00% |
| Dividend Yield | - | - | 3.50% | 3.04% | 3.75% | 2.76% | 1.84% | 2.43% | 7.74% | 7.08% | 5.54% | 18.30% |
| Net Income To Common (M) | 119.50 |
| (-) Cash Dividends Paid (M) | 42.60 |
| (=) Cash Retained (M) | 76.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.90 | 14.94 | 8.96 |
| Cash Retained (M) | 76.90 | 76.90 | 76.90 |
| (-) Cash Required (M) | -23.90 | -14.94 | -8.96 |
| (=) Excess Retained (M) | 53.00 | 61.96 | 67.94 |
| (/) Shares Outstanding (M) | 34.49 | 34.49 | 34.49 |
| (=) Excess Retained per Share | 1.54 | 1.80 | 1.97 |
| LTM Dividend per Share | 1.24 | 1.24 | 1.24 |
| (+) Excess Retained per Share | 1.54 | 1.80 | 1.97 |
| (=) Adjusted Dividend | 2.77 | 3.03 | 3.20 |
| WACC / Discount Rate | 7.43% | 7.43% | 7.43% |
| Growth Rate | -2.89% | -1.89% | -0.89% |
| Fair Value | $26.10 | $31.94 | $38.22 |
| Upside / Downside | 61.74% | 97.92% | 136.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 119.50 | 117.25 | 115.04 | 112.87 | 110.74 | 108.65 | 111.91 |
| Payout Ratio | 35.65% | 46.52% | 57.39% | 68.26% | 79.13% | 90.00% | 92.50% |
| Projected Dividends (M) | 42.60 | 54.54 | 66.02 | 77.04 | 87.63 | 97.79 | 103.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.43% | 7.43% | 7.43% |
| Growth Rate | -2.89% | -1.89% | -0.89% |
| Year 1 PV (M) | 50.25 | 50.77 | 51.29 |
| Year 2 PV (M) | 56.05 | 57.21 | 58.38 |
| Year 3 PV (M) | 60.26 | 62.14 | 64.06 |
| Year 4 PV (M) | 63.16 | 65.80 | 68.52 |
| Year 5 PV (M) | 64.94 | 68.35 | 71.90 |
| PV of Terminal Value (M) | 1,553.23 | 1,634.87 | 1,719.90 |
| Equity Value (M) | 1,847.89 | 1,939.14 | 2,034.05 |
| Shares Outstanding (M) | 34.49 | 34.49 | 34.49 |
| Fair Value | $53.57 | $56.22 | $58.97 |
| Upside / Downside | 231.94% | 248.33% | 265.38% |
| 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% |