Definitive Analysis
| Stable Growth | $12.98 - $20.54 | $16.43 |
| Multi-Stage | $28.76 - $31.59 | $30.15 |
| Blended Fair Value | $23.29 | |
| Current Price | $9.01 | |
| Upside | 158.51% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.62% | 0.00% | 0.66 | 0.49 | 1.01 | 0.39 | 0.62 | 0.64 | 0.26 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 34.69% | -51.49% | 158.97% | -37.10% | -3.13% | 146.15% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.96% | 5.25% | 12.11% | 4.35% | 6.97% | 7.30% | 3.42% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 79.44 |
| (-) Cash Dividends Paid (M) | 70.88 |
| (=) Cash Retained (M) | 8.56 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15.89 | 9.93 | 5.96 |
| Cash Retained (M) | 8.56 | 8.56 | 8.56 |
| (-) Cash Required (M) | -15.89 | -9.93 | -5.96 |
| (=) Excess Retained (M) | -7.33 | -1.37 | 2.60 |
| (/) Shares Outstanding (M) | 61.37 | 61.37 | 61.37 |
| (=) Excess Retained per Share | -0.12 | -0.02 | 0.04 |
| LTM Dividend per Share | 1.16 | 1.16 | 1.16 |
| (+) Excess Retained per Share | -0.12 | -0.02 | 0.04 |
| (=) Adjusted Dividend | 1.04 | 1.13 | 1.20 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -1.38% | -0.38% | 0.62% |
| Fair Value | $12.98 | $16.43 | $20.54 |
| Upside / Downside | 44.11% | 82.41% | 127.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 79.44 | 79.14 | 78.84 | 78.54 | 78.23 | 77.94 | 80.27 |
| Payout Ratio | 89.22% | 89.38% | 89.53% | 89.69% | 89.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 70.88 | 70.73 | 70.59 | 70.44 | 70.29 | 70.14 | 74.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -1.38% | -0.38% | 0.62% |
| Year 1 PV (M) | 65.76 | 66.43 | 67.09 |
| Year 2 PV (M) | 61.01 | 62.25 | 63.51 |
| Year 3 PV (M) | 56.60 | 58.34 | 60.11 |
| Year 4 PV (M) | 52.51 | 54.67 | 56.90 |
| Year 5 PV (M) | 48.72 | 51.24 | 53.86 |
| PV of Terminal Value (M) | 1,480.69 | 1,557.30 | 1,637.05 |
| Equity Value (M) | 1,765.28 | 1,850.23 | 1,938.52 |
| Shares Outstanding (M) | 61.37 | 61.37 | 61.37 |
| Fair Value | $28.76 | $30.15 | $31.59 |
| Upside / Downside | 219.25% | 234.61% | 250.58% |
| 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% |