Definitive Analysis
| Stable Growth | $19.88 - $30.70 | $24.90 |
| Multi-Stage | $26.89 - $29.48 | $28.16 |
| Blended Fair Value | $26.53 | |
| Current Price | $48.13 | |
| Upside | -44.88% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.72% | 2.64% | 0.52 | 0.51 | 0.49 | 0.44 | 0.44 | 0.43 | 0.42 | 0.40 | 0.40 | 0.40 |
| YoY Growth | - | - | 0.85% | 5.36% | 9.80% | 2.00% | 0.85% | 3.02% | 4.32% | 0.10% | 0.26% | 0.28% |
| Dividend Yield | - | - | 1.51% | 1.20% | 1.18% | 1.03% | 0.58% | 1.24% | 1.08% | 0.73% | 0.65% | 0.86% |
| Net Income To Common (M) | 47.90 |
| (-) Cash Dividends Paid (M) | 11.90 |
| (=) Cash Retained (M) | 36.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9.58 | 5.99 | 3.59 |
| Cash Retained (M) | 36.00 | 36.00 | 36.00 |
| (-) Cash Required (M) | -9.58 | -5.99 | -3.59 |
| (=) Excess Retained (M) | 26.42 | 30.01 | 32.41 |
| (/) Shares Outstanding (M) | 22.95 | 22.95 | 22.95 |
| (=) Excess Retained per Share | 1.15 | 1.31 | 1.41 |
| LTM Dividend per Share | 0.52 | 0.52 | 0.52 |
| (+) Excess Retained per Share | 1.15 | 1.31 | 1.41 |
| (=) Adjusted Dividend | 1.67 | 1.83 | 1.93 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.64% | 1.64% | 2.64% |
| Fair Value | $19.88 | $24.90 | $30.70 |
| Upside / Downside | -58.70% | -48.26% | -36.21% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 47.90 | 48.69 | 49.49 | 50.30 | 51.13 | 51.97 | 53.53 |
| Payout Ratio | 24.84% | 37.87% | 50.91% | 63.94% | 76.97% | 90.00% | 92.50% |
| Projected Dividends (M) | 11.90 | 18.44 | 25.19 | 32.16 | 39.35 | 46.77 | 49.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.64% | 1.64% | 2.64% |
| Year 1 PV (M) | 16.74 | 16.90 | 17.07 |
| Year 2 PV (M) | 20.75 | 21.17 | 21.58 |
| Year 3 PV (M) | 24.04 | 24.77 | 25.51 |
| Year 4 PV (M) | 26.70 | 27.78 | 28.89 |
| Year 5 PV (M) | 28.80 | 30.26 | 31.78 |
| PV of Terminal Value (M) | 500.01 | 525.34 | 551.70 |
| Equity Value (M) | 617.04 | 646.22 | 676.53 |
| Shares Outstanding (M) | 22.95 | 22.95 | 22.95 |
| Fair Value | $26.89 | $28.16 | $29.48 |
| Upside / Downside | -44.14% | -41.49% | -38.75% |
| 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% |