Definitive Analysis
| Stable Growth | $155.58 - $596.76 | $445.40 |
| Multi-Stage | $74.95 - $81.93 | $78.38 |
| Blended Fair Value | $261.89 | |
| Current Price | $17.05 | |
| Upside | 1,436.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.39% | 22.75% | 0.99 | 0.89 | 0.76 | 0.49 | 0.41 | 0.36 | 0.28 | 0.14 | 0.32 | 0.19 |
| YoY Growth | - | - | 12.11% | 16.52% | 56.58% | 18.29% | 13.48% | 29.04% | 99.74% | -56.47% | 69.64% | 48.58% |
| Dividend Yield | - | - | 5.58% | 6.07% | 5.59% | 3.42% | 3.84% | 4.11% | 3.90% | 2.06% | 4.27% | 1.94% |
| Net Income To Common (M) | 32.80 |
| (-) Cash Dividends Paid (M) | 17.68 |
| (=) Cash Retained (M) | 15.11 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.56 | 4.10 | 2.46 |
| Cash Retained (M) | 15.11 | 15.11 | 15.11 |
| (-) Cash Required (M) | -6.56 | -4.10 | -2.46 |
| (=) Excess Retained (M) | 8.56 | 11.02 | 12.65 |
| (/) Shares Outstanding (M) | 10.93 | 10.93 | 10.93 |
| (=) Excess Retained per Share | 0.78 | 1.01 | 1.16 |
| LTM Dividend per Share | 1.62 | 1.62 | 1.62 |
| (+) Excess Retained per Share | 0.78 | 1.01 | 1.16 |
| (=) Adjusted Dividend | 2.40 | 2.63 | 2.78 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $155.58 | $445.40 | $596.76 |
| Upside / Downside | 812.50% | 2,512.30% | 3,400.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32.80 | 34.93 | 37.20 | 39.61 | 42.19 | 44.93 | 46.28 |
| Payout Ratio | 53.91% | 61.13% | 68.35% | 75.56% | 82.78% | 90.00% | 92.50% |
| Projected Dividends (M) | 17.68 | 21.35 | 25.42 | 29.93 | 34.93 | 40.44 | 42.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 19.74 | 19.93 | 20.12 |
| Year 2 PV (M) | 21.74 | 22.15 | 22.57 |
| Year 3 PV (M) | 23.67 | 24.35 | 25.04 |
| Year 4 PV (M) | 25.54 | 26.52 | 27.53 |
| Year 5 PV (M) | 27.34 | 28.66 | 30.03 |
| PV of Terminal Value (M) | 701.16 | 735.03 | 770.19 |
| Equity Value (M) | 819.19 | 856.64 | 895.48 |
| Shares Outstanding (M) | 10.93 | 10.93 | 10.93 |
| Fair Value | $74.95 | $78.38 | $81.93 |
| Upside / Downside | 339.61% | 359.71% | 380.55% |
| 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% |