Definitive Analysis
| Stable Growth | $97.53 - $284.27 | $266.40 |
| Multi-Stage | $39.09 - $42.77 | $40.90 |
| Blended Fair Value | $153.65 | |
| Current Price | $10.30 | |
| Upside | 1,391.75% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.40% | 1.01% | 0.20 | 0.32 | 0.23 | 0.15 | 0.10 | 0.10 | 0.13 | 0.10 | 0.10 | 0.15 |
| YoY Growth | - | - | -38.03% | 41.18% | 50.69% | 48.59% | 0.00% | -21.17% | 25.73% | 0.13% | -32.94% | -15.22% |
| Dividend Yield | - | - | 1.92% | 1.88% | 0.90% | 0.74% | 1.16% | 1.89% | 1.47% | 0.99% | 1.04% | 1.90% |
| Net Income To Common (M) | 11.07 |
| (-) Cash Dividends Paid (M) | 4.00 |
| (=) Cash Retained (M) | 7.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.21 | 1.38 | 0.83 |
| Cash Retained (M) | 7.07 | 7.07 | 7.07 |
| (-) Cash Required (M) | -2.21 | -1.38 | -0.83 |
| (=) Excess Retained (M) | 4.85 | 5.68 | 6.24 |
| (/) Shares Outstanding (M) | 7.75 | 7.75 | 7.75 |
| (=) Excess Retained per Share | 0.63 | 0.73 | 0.81 |
| LTM Dividend per Share | 0.52 | 0.52 | 0.52 |
| (+) Excess Retained per Share | 0.63 | 0.73 | 0.81 |
| (=) Adjusted Dividend | 1.14 | 1.25 | 1.32 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $97.53 | $266.40 | $284.27 |
| Upside / Downside | 846.87% | 2,486.44% | 2,659.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 11.07 | 11.79 | 12.56 | 13.38 | 14.25 | 15.17 | 15.63 |
| Payout Ratio | 36.16% | 46.93% | 57.70% | 68.46% | 79.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 4.00 | 5.53 | 7.25 | 9.16 | 11.29 | 13.65 | 14.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 5.14 | 5.18 | 5.23 |
| Year 2 PV (M) | 6.24 | 6.36 | 6.48 |
| Year 3 PV (M) | 7.32 | 7.53 | 7.74 |
| Year 4 PV (M) | 8.37 | 8.70 | 9.03 |
| Year 5 PV (M) | 9.40 | 9.86 | 10.33 |
| PV of Terminal Value (M) | 266.32 | 279.19 | 292.54 |
| Equity Value (M) | 302.80 | 316.81 | 331.36 |
| Shares Outstanding (M) | 7.75 | 7.75 | 7.75 |
| Fair Value | $39.09 | $40.90 | $42.77 |
| Upside / Downside | 279.49% | 297.06% | 315.28% |
| 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% |