Definitive Analysis
| Stable Growth | $39.65 - $78.33 | $54.85 |
| Multi-Stage | $50.24 - $55.07 | $52.61 |
| Blended Fair Value | $53.73 | |
| Current Price | $14.15 | |
| Upside | 279.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.31% | 12.33% | 0.52 | 0.45 | 0.42 | 0.41 | 0.28 | 0.35 | 0.30 | 0.27 | 0.22 | 0.19 |
| YoY Growth | - | - | 15.67% | 6.83% | 3.87% | 47.62% | -21.35% | 18.59% | 10.58% | 20.22% | 15.26% | 18.10% |
| Dividend Yield | - | - | 4.08% | 3.83% | 3.61% | 3.11% | 2.56% | 2.91% | 2.37% | 1.63% | 1.96% | 2.11% |
| Net Income To Common (M) | 91.51 |
| (-) Cash Dividends Paid (M) | 37.88 |
| (=) Cash Retained (M) | 53.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18.30 | 11.44 | 6.86 |
| Cash Retained (M) | 53.63 | 53.63 | 53.63 |
| (-) Cash Required (M) | -18.30 | -11.44 | -6.86 |
| (=) Excess Retained (M) | 35.33 | 42.19 | 46.76 |
| (/) Shares Outstanding (M) | 38.08 | 38.08 | 38.08 |
| (=) Excess Retained per Share | 0.93 | 1.11 | 1.23 |
| LTM Dividend per Share | 0.99 | 0.99 | 0.99 |
| (+) Excess Retained per Share | 0.93 | 1.11 | 1.23 |
| (=) Adjusted Dividend | 1.92 | 2.10 | 2.22 |
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | 2.25% | 3.25% | 4.25% |
| Fair Value | $39.65 | $54.85 | $78.33 |
| Upside / Downside | 180.18% | 287.62% | 453.57% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 91.51 | 94.48 | 97.55 | 100.72 | 103.99 | 107.37 | 110.59 |
| Payout Ratio | 41.40% | 51.12% | 60.84% | 70.56% | 80.28% | 90.00% | 92.50% |
| Projected Dividends (M) | 37.88 | 48.30 | 59.35 | 71.07 | 83.48 | 96.63 | 102.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | 2.25% | 3.25% | 4.25% |
| Year 1 PV (M) | 44.62 | 45.05 | 45.49 |
| Year 2 PV (M) | 50.64 | 51.64 | 52.64 |
| Year 3 PV (M) | 56.02 | 57.68 | 59.37 |
| Year 4 PV (M) | 60.79 | 63.20 | 65.68 |
| Year 5 PV (M) | 65.00 | 68.24 | 71.61 |
| PV of Terminal Value (M) | 1,635.79 | 1,717.36 | 1,802.16 |
| Equity Value (M) | 1,912.85 | 2,003.17 | 2,096.95 |
| Shares Outstanding (M) | 38.08 | 38.08 | 38.08 |
| Fair Value | $50.24 | $52.61 | $55.07 |
| Upside / Downside | 255.04% | 271.80% | 289.21% |
| 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% |