Definitive Analysis
| Stable Growth | $46.82 - $124.19 | $71.59 |
| Multi-Stage | $32.56 - $35.54 | $34.02 |
| Blended Fair Value | $52.80 | |
| Current Price | $46.06 | |
| Upside | 14.64% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.32% | 14.48% | 0.76 | 0.74 | 0.79 | 0.79 | 0.80 | 0.56 | 0.53 | 0.58 | 0.29 | 0.22 |
| YoY Growth | - | - | 1.83% | -5.81% | -0.39% | -1.59% | 44.49% | 4.90% | -9.17% | 102.01% | 29.79% | 13.89% |
| Dividend Yield | - | - | 1.51% | 1.83% | 2.13% | 2.08% | 1.93% | 2.65% | 1.55% | 1.59% | 0.91% | 0.97% |
| Net Income To Common (M) | 5.14 |
| (-) Cash Dividends Paid (M) | 1.95 |
| (=) Cash Retained (M) | 3.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.03 | 0.64 | 0.39 |
| Cash Retained (M) | 3.19 | 3.19 | 3.19 |
| (-) Cash Required (M) | -1.03 | -0.64 | -0.39 |
| (=) Excess Retained (M) | 2.16 | 2.55 | 2.80 |
| (/) Shares Outstanding (M) | 2.58 | 2.58 | 2.58 |
| (=) Excess Retained per Share | 0.84 | 0.99 | 1.09 |
| LTM Dividend per Share | 0.76 | 0.76 | 0.76 |
| (+) Excess Retained per Share | 0.84 | 0.99 | 1.09 |
| (=) Adjusted Dividend | 1.60 | 1.75 | 1.85 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $46.82 | $71.59 | $124.19 |
| Upside / Downside | 1.64% | 55.42% | 169.63% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5.14 | 5.47 | 5.83 | 6.21 | 6.61 | 7.04 | 7.25 |
| Payout Ratio | 37.96% | 48.37% | 58.77% | 69.18% | 79.59% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.95 | 2.65 | 3.43 | 4.30 | 5.26 | 6.34 | 6.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2.40 | 2.43 | 2.45 |
| Year 2 PV (M) | 2.83 | 2.88 | 2.93 |
| Year 3 PV (M) | 3.22 | 3.31 | 3.40 |
| Year 4 PV (M) | 3.58 | 3.72 | 3.86 |
| Year 5 PV (M) | 3.91 | 4.10 | 4.30 |
| PV of Terminal Value (M) | 67.91 | 71.19 | 74.60 |
| Equity Value (M) | 83.84 | 87.62 | 91.53 |
| Shares Outstanding (M) | 2.58 | 2.58 | 2.58 |
| Fair Value | $32.56 | $34.02 | $35.54 |
| Upside / Downside | -29.32% | -26.14% | -22.84% |
| 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% |