Definitive Analysis
| Stable Growth | $37.16 - $111.72 | $58.97 |
| Multi-Stage | $41.92 - $45.95 | $43.90 |
| Blended Fair Value | $51.43 | |
| Current Price | $9.32 | |
| Upside | 451.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -21.68% | 0.00% | 0.36 | 0.18 | 0.24 | 0.20 | 0.00 | 1.22 | 0.16 | 0.14 | 0.05 | 0.04 |
| YoY Growth | - | - | 94.18% | -21.86% | 18.21% | 0.00% | -100.00% | 674.30% | 15.24% | 187.97% | 15.50% | 0.00% |
| Dividend Yield | - | - | 5.82% | 2.91% | 3.83% | 3.88% | 0.00% | 18.28% | 2.40% | 1.68% | 0.81% | 0.91% |
| Net Income To Common (M) | 36.18 |
| (-) Cash Dividends Paid (M) | 21.94 |
| (=) Cash Retained (M) | 14.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.24 | 4.52 | 2.71 |
| Cash Retained (M) | 14.24 | 14.24 | 14.24 |
| (-) Cash Required (M) | -7.24 | -4.52 | -2.71 |
| (=) Excess Retained (M) | 7.00 | 9.71 | 11.52 |
| (/) Shares Outstanding (M) | 24.38 | 24.38 | 24.38 |
| (=) Excess Retained per Share | 0.29 | 0.40 | 0.47 |
| LTM Dividend per Share | 0.90 | 0.90 | 0.90 |
| (+) Excess Retained per Share | 0.29 | 0.40 | 0.47 |
| (=) Adjusted Dividend | 1.19 | 1.30 | 1.37 |
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 3.01% | 4.01% | 5.01% |
| Fair Value | $37.16 | $58.97 | $111.72 |
| Upside / Downside | 298.76% | 532.68% | 1,098.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 36.18 | 37.63 | 39.13 | 40.70 | 42.33 | 44.03 | 45.35 |
| Payout Ratio | 60.65% | 66.52% | 72.39% | 78.26% | 84.13% | 90.00% | 92.50% |
| Projected Dividends (M) | 21.94 | 25.03 | 28.33 | 31.85 | 35.61 | 39.62 | 41.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 3.01% | 4.01% | 5.01% |
| Year 1 PV (M) | 23.32 | 23.55 | 23.77 |
| Year 2 PV (M) | 24.59 | 25.07 | 25.56 |
| Year 3 PV (M) | 25.76 | 26.52 | 27.29 |
| Year 4 PV (M) | 26.84 | 27.90 | 28.99 |
| Year 5 PV (M) | 27.82 | 29.20 | 30.63 |
| PV of Terminal Value (M) | 893.76 | 937.99 | 983.96 |
| Equity Value (M) | 1,022.10 | 1,070.23 | 1,120.21 |
| Shares Outstanding (M) | 24.38 | 24.38 | 24.38 |
| Fair Value | $41.92 | $43.90 | $45.95 |
| Upside / Downside | 349.80% | 370.98% | 392.98% |
| 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% |