Definitive Analysis
| Stable Growth | $23.68 - $38.77 | $30.41 |
| Multi-Stage | $29.46 - $32.21 | $30.81 |
| Blended Fair Value | $30.61 | |
| Current Price | $28.30 | |
| Upside | 8.17% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.76% | 3.95% | 1.10 | 1.08 | 1.05 | 0.98 | 0.95 | 0.92 | 0.87 | 0.82 | 0.79 | 0.77 |
| YoY Growth | - | - | 1.68% | 3.09% | 7.04% | 3.53% | 3.51% | 5.68% | 5.81% | 3.87% | 3.09% | 2.36% |
| Dividend Yield | - | - | 4.19% | 4.43% | 4.35% | 3.21% | 3.11% | 3.70% | 2.99% | 2.88% | 2.86% | 3.65% |
| Net Income To Common (M) | 34.41 |
| (-) Cash Dividends Paid (M) | 18.81 |
| (=) Cash Retained (M) | 15.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.88 | 4.30 | 2.58 |
| Cash Retained (M) | 15.60 | 15.60 | 15.60 |
| (-) Cash Required (M) | -6.88 | -4.30 | -2.58 |
| (=) Excess Retained (M) | 8.72 | 11.30 | 13.02 |
| (/) Shares Outstanding (M) | 16.59 | 16.59 | 16.59 |
| (=) Excess Retained per Share | 0.53 | 0.68 | 0.78 |
| LTM Dividend per Share | 1.13 | 1.13 | 1.13 |
| (+) Excess Retained per Share | 0.53 | 0.68 | 0.78 |
| (=) Adjusted Dividend | 1.66 | 1.81 | 1.92 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.95% | 2.95% | 3.95% |
| Fair Value | $23.68 | $30.41 | $38.77 |
| Upside / Downside | -16.32% | 7.46% | 37.01% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 34.41 | 35.43 | 36.47 | 37.55 | 38.66 | 39.80 | 41.00 |
| Payout Ratio | 54.67% | 61.74% | 68.80% | 75.87% | 82.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 18.81 | 21.87 | 25.09 | 28.49 | 32.06 | 35.82 | 37.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.95% | 2.95% | 3.95% |
| Year 1 PV (M) | 19.85 | 20.05 | 20.24 |
| Year 2 PV (M) | 20.68 | 21.08 | 21.50 |
| Year 3 PV (M) | 21.31 | 21.94 | 22.59 |
| Year 4 PV (M) | 21.77 | 22.63 | 23.53 |
| Year 5 PV (M) | 22.07 | 23.18 | 24.33 |
| PV of Terminal Value (M) | 383.21 | 402.37 | 422.30 |
| Equity Value (M) | 488.88 | 511.25 | 534.47 |
| Shares Outstanding (M) | 16.59 | 16.59 | 16.59 |
| Fair Value | $29.46 | $30.81 | $32.21 |
| Upside / Downside | 4.12% | 8.88% | 13.82% |
| 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% |