Definitive Analysis
| Stable Growth | $9.06 - $12.23 | $10.68 |
| Multi-Stage | $26.50 - $29.33 | $27.89 |
| Blended Fair Value | $19.28 | |
| Current Price | $6.05 | |
| Upside | 218.74% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.51% | -7.22% | 0.60 | 0.65 | 0.63 | 0.60 | 0.59 | 0.64 | 0.75 | 0.81 | 0.96 | 1.26 |
| YoY Growth | - | - | -8.24% | 3.27% | 5.86% | 0.62% | -8.21% | -13.72% | -7.55% | -15.42% | -24.28% | -0.18% |
| Dividend Yield | - | - | 11.74% | 15.73% | 12.22% | 9.00% | 10.03% | 8.24% | 13.16% | 11.94% | 14.12% | 20.39% |
| Net Income To Common (M) | 32.62 |
| (-) Cash Dividends Paid (M) | 15.05 |
| (=) Cash Retained (M) | 17.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.52 | 4.08 | 2.45 |
| Cash Retained (M) | 17.57 | 17.57 | 17.57 |
| (-) Cash Required (M) | -6.52 | -4.08 | -2.45 |
| (=) Excess Retained (M) | 11.05 | 13.49 | 15.12 |
| (/) Shares Outstanding (M) | 16.30 | 16.30 | 16.30 |
| (=) Excess Retained per Share | 0.68 | 0.83 | 0.93 |
| LTM Dividend per Share | 0.92 | 0.92 | 0.92 |
| (+) Excess Retained per Share | 0.68 | 0.83 | 0.93 |
| (=) Adjusted Dividend | 1.60 | 1.75 | 1.85 |
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -9.22% | -8.22% | -7.22% |
| Fair Value | $9.06 | $10.68 | $12.23 |
| Upside / Downside | 49.73% | 76.57% | 102.13% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32.62 | 29.93 | 27.47 | 25.21 | 23.14 | 21.24 | 21.87 |
| Payout Ratio | 46.13% | 54.90% | 63.68% | 72.45% | 81.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 15.05 | 16.44 | 17.49 | 18.27 | 18.80 | 19.11 | 20.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -9.22% | -8.22% | -7.22% |
| Year 1 PV (M) | 15.22 | 15.39 | 15.55 |
| Year 2 PV (M) | 15.00 | 15.33 | 15.67 |
| Year 3 PV (M) | 14.50 | 14.99 | 15.48 |
| Year 4 PV (M) | 13.82 | 14.43 | 15.07 |
| Year 5 PV (M) | 13.01 | 13.74 | 14.51 |
| PV of Terminal Value (M) | 360.25 | 380.54 | 401.73 |
| Equity Value (M) | 431.80 | 454.42 | 478.01 |
| Shares Outstanding (M) | 16.30 | 16.30 | 16.30 |
| Fair Value | $26.50 | $27.89 | $29.33 |
| Upside / Downside | 337.97% | 360.92% | 384.84% |
| 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% |