Definitive Analysis
| Stable Growth | $18.85 - $29.99 | $23.92 |
| Multi-Stage | $24.66 - $26.98 | $25.80 |
| Blended Fair Value | $24.86 | |
| Current Price | $20.22 | |
| Upside | 22.95% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.67% | 3.37% | 1.02 | 1.09 | 1.08 | 1.05 | 1.02 | 0.98 | 1.21 | 0.91 | 0.87 | 0.81 |
| YoY Growth | - | - | -6.49% | 0.38% | 3.05% | 3.49% | 3.27% | -18.66% | 33.33% | 4.82% | 6.41% | 11.43% |
| Dividend Yield | - | - | 5.81% | 5.55% | 5.21% | 4.23% | 3.97% | 4.81% | 4.38% | 3.30% | 2.83% | 3.29% |
| Net Income To Common (M) | 16.03 |
| (-) Cash Dividends Paid (M) | 7.79 |
| (=) Cash Retained (M) | 8.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3.21 | 2.00 | 1.20 |
| Cash Retained (M) | 8.24 | 8.24 | 8.24 |
| (-) Cash Required (M) | -3.21 | -2.00 | -1.20 |
| (=) Excess Retained (M) | 5.03 | 6.23 | 7.04 |
| (/) Shares Outstanding (M) | 8.93 | 8.93 | 8.93 |
| (=) Excess Retained per Share | 0.56 | 0.70 | 0.79 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | 0.56 | 0.70 | 0.79 |
| (=) Adjusted Dividend | 1.44 | 1.57 | 1.66 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.37% | 2.37% | 3.37% |
| Fair Value | $18.85 | $23.92 | $29.99 |
| Upside / Downside | -6.77% | 18.29% | 48.33% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 16.03 | 16.41 | 16.80 | 17.19 | 17.60 | 18.02 | 18.56 |
| Payout Ratio | 48.60% | 56.88% | 65.16% | 73.44% | 81.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 7.79 | 9.33 | 10.94 | 12.63 | 14.38 | 16.22 | 17.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.37% | 2.37% | 3.37% |
| Year 1 PV (M) | 8.47 | 8.55 | 8.64 |
| Year 2 PV (M) | 9.02 | 9.19 | 9.38 |
| Year 3 PV (M) | 9.44 | 9.72 | 10.01 |
| Year 4 PV (M) | 9.76 | 10.15 | 10.56 |
| Year 5 PV (M) | 9.99 | 10.49 | 11.02 |
| PV of Terminal Value (M) | 173.44 | 182.17 | 191.24 |
| Equity Value (M) | 220.12 | 230.29 | 240.84 |
| Shares Outstanding (M) | 8.93 | 8.93 | 8.93 |
| Fair Value | $24.66 | $25.80 | $26.98 |
| Upside / Downside | 21.97% | 27.60% | 33.45% |
| 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% |