Definitive Analysis
| Stable Growth | $70.55 - $160.63 | $102.66 |
| Multi-Stage | $56.09 - $61.23 | $58.61 |
| Blended Fair Value | $80.64 | |
| Current Price | $38.59 | |
| Upside | 108.96% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.75% | 11.75% | 1.49 | 1.49 | 1.43 | 1.28 | 1.21 | 1.13 | 1.04 | 0.87 | 0.75 | 0.60 |
| YoY Growth | - | - | 0.09% | 4.36% | 11.53% | 6.24% | 6.84% | 8.17% | 19.88% | 15.56% | 26.66% | 21.03% |
| Dividend Yield | - | - | 3.69% | 4.65% | 3.95% | 2.73% | 2.52% | 3.59% | 2.45% | 1.96% | 1.71% | 2.13% |
| Net Income To Common (M) | 57.27 |
| (-) Cash Dividends Paid (M) | 27.48 |
| (=) Cash Retained (M) | 29.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11.45 | 7.16 | 4.30 |
| Cash Retained (M) | 29.78 | 29.78 | 29.78 |
| (-) Cash Required (M) | -11.45 | -7.16 | -4.30 |
| (=) Excess Retained (M) | 18.33 | 22.62 | 25.49 |
| (/) Shares Outstanding (M) | 16.44 | 16.44 | 16.44 |
| (=) Excess Retained per Share | 1.11 | 1.38 | 1.55 |
| LTM Dividend per Share | 1.67 | 1.67 | 1.67 |
| (+) Excess Retained per Share | 1.11 | 1.38 | 1.55 |
| (=) Adjusted Dividend | 2.79 | 3.05 | 3.22 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.95% | 5.95% | 6.95% |
| Fair Value | $70.55 | $102.66 | $160.63 |
| Upside / Downside | 82.81% | 166.04% | 316.26% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 57.27 | 60.68 | 64.29 | 68.12 | 72.17 | 76.47 | 78.76 |
| Payout Ratio | 47.99% | 56.39% | 64.80% | 73.20% | 81.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 27.48 | 34.22 | 41.66 | 49.86 | 58.89 | 68.82 | 72.85 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.95% | 5.95% | 6.95% |
| Year 1 PV (M) | 31.07 | 31.36 | 31.66 |
| Year 2 PV (M) | 34.34 | 35.00 | 35.66 |
| Year 3 PV (M) | 37.32 | 38.40 | 39.49 |
| Year 4 PV (M) | 40.02 | 41.57 | 43.16 |
| Year 5 PV (M) | 42.47 | 44.53 | 46.67 |
| PV of Terminal Value (M) | 737.21 | 773.01 | 810.18 |
| Equity Value (M) | 922.43 | 963.86 | 1,006.83 |
| Shares Outstanding (M) | 16.44 | 16.44 | 16.44 |
| Fair Value | $56.09 | $58.61 | $61.23 |
| Upside / Downside | 45.36% | 51.89% | 58.66% |
| 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% |