Definitive Analysis
| Stable Growth | $97.77 - $259.37 | $149.51 |
| Multi-Stage | $66.49 - $72.67 | $69.52 |
| Blended Fair Value | $109.51 | |
| Current Price | $36.68 | |
| Upside | 198.56% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 25.16% | 37.44% | 0.53 | 0.00 | 0.07 | 0.27 | 0.23 | 0.17 | 0.05 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.00% | -100.00% | -75.24% | 21.22% | 29.79% | 243.11% | 0.00% | 0.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 1.95% | 0.00% | 0.36% | 3.08% | 3.66% | 1.88% | 0.78% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 70.54 |
| (-) Cash Dividends Paid (M) | 13.19 |
| (=) Cash Retained (M) | 57.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14.11 | 8.82 | 5.29 |
| Cash Retained (M) | 57.35 | 57.35 | 57.35 |
| (-) Cash Required (M) | -14.11 | -8.82 | -5.29 |
| (=) Excess Retained (M) | 43.24 | 48.53 | 52.06 |
| (/) Shares Outstanding (M) | 16.92 | 16.92 | 16.92 |
| (=) Excess Retained per Share | 2.56 | 2.87 | 3.08 |
| LTM Dividend per Share | 0.78 | 0.78 | 0.78 |
| (+) Excess Retained per Share | 2.56 | 2.87 | 3.08 |
| (=) Adjusted Dividend | 3.33 | 3.65 | 3.86 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $97.77 | $149.51 | $259.37 |
| Upside / Downside | 166.56% | 307.59% | 607.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 70.54 | 75.12 | 80.00 | 85.20 | 90.74 | 96.64 | 99.54 |
| Payout Ratio | 18.69% | 32.96% | 47.22% | 61.48% | 75.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 13.19 | 24.76 | 37.77 | 52.38 | 68.73 | 86.98 | 92.07 |
| 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) | 22.48 | 22.69 | 22.90 |
| Year 2 PV (M) | 31.14 | 31.74 | 32.34 |
| Year 3 PV (M) | 39.21 | 40.34 | 41.49 |
| Year 4 PV (M) | 46.72 | 48.51 | 50.36 |
| Year 5 PV (M) | 53.68 | 56.28 | 58.97 |
| PV of Terminal Value (M) | 931.92 | 976.94 | 1,023.67 |
| Equity Value (M) | 1,125.16 | 1,176.49 | 1,229.73 |
| Shares Outstanding (M) | 16.92 | 16.92 | 16.92 |
| Fair Value | $66.49 | $69.52 | $72.67 |
| Upside / Downside | 81.26% | 89.53% | 98.11% |
| 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% |