Definitive Analysis
| Stable Growth | $9.35 - $12.37 | $10.92 |
| Multi-Stage | $17.17 - $19.01 | $18.07 |
| Blended Fair Value | $14.50 | |
| Current Price | $48.16 | |
| Upside | -69.90% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -47.04% | 0.00% | 0.04 | 0.05 | 0.03 | 0.08 | 0.30 | 0.98 | 1.16 | 1.06 | 1.05 | 1.06 |
| YoY Growth | - | - | -25.00% | 66.67% | -58.62% | -73.39% | -69.72% | -15.29% | 9.54% | 0.78% | -0.52% | 0.00% |
| Dividend Yield | - | - | 0.16% | 0.24% | 0.14% | 0.33% | 1.46% | 15.36% | 8.39% | 7.02% | 6.94% | 7.91% |
| Net Income To Common (M) | 87.80 |
| (-) Cash Dividends Paid (M) | 1.40 |
| (=) Cash Retained (M) | 86.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 17.56 | 10.98 | 6.59 |
| Cash Retained (M) | 86.40 | 86.40 | 86.40 |
| (-) Cash Required (M) | -17.56 | -10.98 | -6.59 |
| (=) Excess Retained (M) | 68.84 | 75.43 | 79.82 |
| (/) Shares Outstanding (M) | 36.67 | 36.67 | 36.67 |
| (=) Excess Retained per Share | 1.88 | 2.06 | 2.18 |
| LTM Dividend per Share | 0.04 | 0.04 | 0.04 |
| (+) Excess Retained per Share | 1.88 | 2.06 | 2.18 |
| (=) Adjusted Dividend | 1.92 | 2.10 | 2.21 |
| WACC / Discount Rate | 9.53% | 9.53% | 9.53% |
| Growth Rate | -9.10% | -8.10% | -7.10% |
| Fair Value | $9.35 | $10.92 | $12.37 |
| Upside / Downside | -80.59% | -77.32% | -74.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 87.80 | 80.69 | 74.15 | 68.14 | 62.62 | 57.54 | 59.27 |
| Payout Ratio | 1.59% | 19.28% | 36.96% | 54.64% | 72.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.40 | 15.55 | 27.40 | 37.23 | 45.28 | 51.79 | 54.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.53% | 9.53% | 9.53% |
| Growth Rate | -9.10% | -8.10% | -7.10% |
| Year 1 PV (M) | 14.05 | 14.20 | 14.35 |
| Year 2 PV (M) | 22.35 | 22.84 | 23.34 |
| Year 3 PV (M) | 27.42 | 28.34 | 29.27 |
| Year 4 PV (M) | 30.12 | 31.47 | 32.86 |
| Year 5 PV (M) | 31.11 | 32.86 | 34.69 |
| PV of Terminal Value (M) | 504.70 | 533.08 | 562.72 |
| Equity Value (M) | 629.75 | 662.79 | 697.24 |
| Shares Outstanding (M) | 36.67 | 36.67 | 36.67 |
| Fair Value | $17.17 | $18.07 | $19.01 |
| Upside / Downside | -64.34% | -62.47% | -60.52% |
| 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% |