Definitive Analysis
| Stable Growth | $16.14 - $21.45 | $18.89 |
| Multi-Stage | $34.48 - $37.96 | $36.18 |
| Blended Fair Value | $27.54 | |
| Current Price | $25.39 | |
| Upside | 8.46% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.17% | -13.38% | 1.63 | 3.82 | 0.77 | 0.00 | 0.00 | 0.84 | 5.91 | 7.31 | 7.30 | 7.29 |
| YoY Growth | - | - | -57.36% | 394.67% | 0.00% | 0.00% | -100.00% | -85.79% | -19.22% | 0.14% | 0.13% | 6.55% |
| Dividend Yield | - | - | 6.12% | 16.85% | 3.01% | 0.00% | 0.00% | 2.80% | 19.69% | 24.37% | 24.34% | 24.31% |
| Net Income To Common (M) | 123.79 |
| (-) Cash Dividends Paid (M) | 75.67 |
| (=) Cash Retained (M) | 48.12 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 24.76 | 15.47 | 9.28 |
| Cash Retained (M) | 48.12 | 48.12 | 48.12 |
| (-) Cash Required (M) | -24.76 | -15.47 | -9.28 |
| (=) Excess Retained (M) | 23.36 | 32.64 | 38.83 |
| (/) Shares Outstanding (M) | 30.93 | 30.93 | 30.93 |
| (=) Excess Retained per Share | 0.76 | 1.06 | 1.26 |
| LTM Dividend per Share | 2.45 | 2.45 | 2.45 |
| (+) Excess Retained per Share | 0.76 | 1.06 | 1.26 |
| (=) Adjusted Dividend | 3.20 | 3.50 | 3.70 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -8.96% | -7.96% | -6.96% |
| Fair Value | $16.14 | $18.89 | $21.45 |
| Upside / Downside | -36.43% | -25.58% | -15.52% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 123.79 | 113.94 | 104.87 | 96.52 | 88.84 | 81.76 | 84.22 |
| Payout Ratio | 61.13% | 66.90% | 72.68% | 78.45% | 84.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 75.67 | 76.23 | 76.22 | 75.72 | 74.82 | 73.59 | 77.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -8.96% | -7.96% | -6.96% |
| Year 1 PV (M) | 69.11 | 69.87 | 70.63 |
| Year 2 PV (M) | 62.65 | 64.03 | 65.43 |
| Year 3 PV (M) | 56.43 | 58.31 | 60.24 |
| Year 4 PV (M) | 50.56 | 52.82 | 55.15 |
| Year 5 PV (M) | 45.08 | 47.61 | 50.26 |
| PV of Terminal Value (M) | 782.62 | 826.56 | 872.45 |
| Equity Value (M) | 1,066.46 | 1,119.21 | 1,174.15 |
| Shares Outstanding (M) | 30.93 | 30.93 | 30.93 |
| Fair Value | $34.48 | $36.18 | $37.96 |
| Upside / Downside | 35.79% | 42.51% | 49.51% |
| 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% |