Definitive Analysis
| Stable Growth | $14.75 - $37.12 | $22.18 |
| Multi-Stage | $10.18 - $11.12 | $10.64 |
| Blended Fair Value | $16.41 | |
| Current Price | $13.90 | |
| Upside | 18.07% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.40% | 5.83% | 0.13 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 | 0.13 | 0.30 | 0.30 | 0.54 |
| YoY Growth | - | - | -5.67% | 4.04% | -0.50% | -3.25% | -1.33% | 5.97% | -56.06% | 0.27% | -44.41% | 628.23% |
| Dividend Yield | - | - | 1.45% | 1.51% | 2.25% | 2.26% | 2.19% | 5.96% | 1.82% | 3.41% | 3.28% | 4.68% |
| Net Income To Common (M) | 96.42 |
| (-) Cash Dividends Paid (M) | 17.48 |
| (=) Cash Retained (M) | 78.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 19.28 | 12.05 | 7.23 |
| Cash Retained (M) | 78.94 | 78.94 | 78.94 |
| (-) Cash Required (M) | -19.28 | -12.05 | -7.23 |
| (=) Excess Retained (M) | 59.66 | 66.89 | 71.71 |
| (/) Shares Outstanding (M) | 146.76 | 146.76 | 146.76 |
| (=) Excess Retained per Share | 0.41 | 0.46 | 0.49 |
| LTM Dividend per Share | 0.12 | 0.12 | 0.12 |
| (+) Excess Retained per Share | 0.41 | 0.46 | 0.49 |
| (=) Adjusted Dividend | 0.53 | 0.57 | 0.61 |
| WACC / Discount Rate | 9.26% | 9.26% | 9.26% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $14.75 | $22.18 | $37.12 |
| Upside / Downside | 6.09% | 59.59% | 167.05% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 96.42 | 102.68 | 109.36 | 116.46 | 124.03 | 132.10 | 136.06 |
| Payout Ratio | 18.12% | 32.50% | 46.87% | 61.25% | 75.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 17.48 | 33.37 | 51.26 | 71.33 | 93.80 | 118.89 | 125.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.26% | 9.26% | 9.26% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 30.26 | 30.54 | 30.83 |
| Year 2 PV (M) | 42.14 | 42.94 | 43.75 |
| Year 3 PV (M) | 53.16 | 54.69 | 56.25 |
| Year 4 PV (M) | 63.38 | 65.82 | 68.33 |
| Year 5 PV (M) | 72.84 | 76.35 | 80.01 |
| PV of Terminal Value (M) | 1,231.73 | 1,291.22 | 1,352.99 |
| Equity Value (M) | 1,493.50 | 1,561.57 | 1,632.15 |
| Shares Outstanding (M) | 146.76 | 146.76 | 146.76 |
| Fair Value | $10.18 | $10.64 | $11.12 |
| Upside / Downside | -26.79% | -23.45% | -19.99% |
| 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% |