Definitive Analysis
| Stable Growth | $106.53 - $282.60 | $162.90 |
| Multi-Stage | $72.63 - $79.36 | $75.93 |
| Blended Fair Value | $119.42 | |
| Current Price | $46.27 | |
| Upside | 158.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 51.61% | 0.00% | 0.84 | 0.66 | 0.46 | 0.42 | 0.82 | 0.11 | 5.88 | 1.02 | 0.73 | 0.00 |
| YoY Growth | - | - | 27.42% | 44.82% | 9.64% | -48.97% | 675.65% | -98.21% | 476.01% | 39.37% | 0.00% | 0.00% |
| Dividend Yield | - | - | 2.18% | 2.39% | 1.86% | 1.77% | 4.64% | 1.33% | 34.41% | 5.34% | 3.83% | 0.00% |
| Net Income To Common (M) | 43.39 |
| (-) Cash Dividends Paid (M) | 9.03 |
| (=) Cash Retained (M) | 34.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8.68 | 5.42 | 3.25 |
| Cash Retained (M) | 34.36 | 34.36 | 34.36 |
| (-) Cash Required (M) | -8.68 | -5.42 | -3.25 |
| (=) Excess Retained (M) | 25.68 | 28.94 | 31.11 |
| (/) Shares Outstanding (M) | 9.55 | 9.55 | 9.55 |
| (=) Excess Retained per Share | 2.69 | 3.03 | 3.26 |
| LTM Dividend per Share | 0.95 | 0.95 | 0.95 |
| (+) Excess Retained per Share | 2.69 | 3.03 | 3.26 |
| (=) Adjusted Dividend | 3.63 | 3.97 | 4.20 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $106.53 | $162.90 | $282.60 |
| Upside / Downside | 130.24% | 252.07% | 510.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 43.39 | 46.21 | 49.22 | 52.42 | 55.82 | 59.45 | 61.24 |
| Payout Ratio | 20.81% | 34.65% | 48.49% | 62.33% | 76.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 9.03 | 16.01 | 23.87 | 32.67 | 42.52 | 53.51 | 56.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 14.54 | 14.68 | 14.82 |
| Year 2 PV (M) | 19.68 | 20.05 | 20.43 |
| Year 3 PV (M) | 24.46 | 25.16 | 25.87 |
| Year 4 PV (M) | 28.90 | 30.01 | 31.16 |
| Year 5 PV (M) | 33.03 | 34.62 | 36.28 |
| PV of Terminal Value (M) | 573.32 | 601.02 | 629.77 |
| Equity Value (M) | 693.92 | 725.54 | 758.32 |
| Shares Outstanding (M) | 9.55 | 9.55 | 9.55 |
| Fair Value | $72.63 | $75.93 | $79.36 |
| Upside / Downside | 56.96% | 64.11% | 71.52% |
| 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% |