Definitive Analysis
| Stable Growth | $19.79 - $52.51 | $30.27 |
| Multi-Stage | $14.23 - $15.51 | $14.86 |
| Blended Fair Value | $22.56 | |
| Current Price | $5.77 | |
| Upside | 291.02% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.05% | 16.35% | 1.30 | 0.00 | 1.23 | 1.13 | 0.00 | 0.84 | 0.73 | 0.56 | 0.54 | 0.48 |
| YoY Growth | - | - | 0.00% | -100.00% | 8.79% | 0.00% | -100.00% | 14.38% | 30.60% | 5.03% | 11.92% | 67.96% |
| Dividend Yield | - | - | 18.57% | 0.00% | 10.22% | 6.50% | 0.00% | 14.65% | 5.31% | 4.71% | 3.84% | 4.56% |
| Net Income To Common (M) | 33.91 |
| (-) Cash Dividends Paid (M) | 22.81 |
| (=) Cash Retained (M) | 11.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.78 | 4.24 | 2.54 |
| Cash Retained (M) | 11.10 | 11.10 | 11.10 |
| (-) Cash Required (M) | -6.78 | -4.24 | -2.54 |
| (=) Excess Retained (M) | 4.32 | 6.87 | 8.56 |
| (/) Shares Outstanding (M) | 40.19 | 40.19 | 40.19 |
| (=) Excess Retained per Share | 0.11 | 0.17 | 0.21 |
| LTM Dividend per Share | 0.57 | 0.57 | 0.57 |
| (+) Excess Retained per Share | 0.11 | 0.17 | 0.21 |
| (=) Adjusted Dividend | 0.68 | 0.74 | 0.78 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $19.79 | $30.27 | $52.51 |
| Upside / Downside | 243.06% | 424.57% | 810.03% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 33.91 | 36.12 | 38.46 | 40.96 | 43.63 | 46.46 | 47.86 |
| Payout Ratio | 67.26% | 71.81% | 76.35% | 80.90% | 85.45% | 90.00% | 92.50% |
| Projected Dividends (M) | 22.81 | 25.93 | 29.37 | 33.14 | 37.28 | 41.82 | 44.27 |
| 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) | 23.55 | 23.77 | 23.99 |
| Year 2 PV (M) | 24.21 | 24.67 | 25.14 |
| Year 3 PV (M) | 24.81 | 25.52 | 26.25 |
| Year 4 PV (M) | 25.34 | 26.31 | 27.32 |
| Year 5 PV (M) | 25.81 | 27.06 | 28.35 |
| PV of Terminal Value (M) | 448.05 | 469.69 | 492.16 |
| Equity Value (M) | 571.77 | 597.03 | 623.21 |
| Shares Outstanding (M) | 40.19 | 40.19 | 40.19 |
| Fair Value | $14.23 | $14.86 | $15.51 |
| Upside / Downside | 146.58% | 157.47% | 168.76% |
| 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% |