Definitive Analysis
| Stable Growth | $22.81 - $32.83 | $27.70 |
| Multi-Stage | $36.33 - $39.94 | $38.10 |
| Blended Fair Value | $32.90 | |
| Current Price | $61.99 | |
| Upside | -46.92% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.49% | 0.00% | 0.41 | 0.32 | 0.35 | 1.33 | 0.33 | 0.33 | 0.35 | 0.35 | 0.41 | 0.41 |
| YoY Growth | - | - | 25.17% | -6.01% | -74.14% | 310.57% | -0.30% | -7.34% | 0.90% | -14.64% | 0.00% | 0.61% |
| Dividend Yield | - | - | 0.65% | 0.49% | 0.77% | 2.55% | 0.70% | 0.79% | 0.96% | 1.39% | 1.37% | 1.58% |
| Net Income To Common (M) | 83.73 |
| (-) Cash Dividends Paid (M) | 14.15 |
| (=) Cash Retained (M) | 69.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 16.75 | 10.47 | 6.28 |
| Cash Retained (M) | 69.59 | 69.59 | 69.59 |
| (-) Cash Required (M) | -16.75 | -10.47 | -6.28 |
| (=) Excess Retained (M) | 52.84 | 59.12 | 63.31 |
| (/) Shares Outstanding (M) | 25.93 | 25.93 | 25.93 |
| (=) Excess Retained per Share | 2.04 | 2.28 | 2.44 |
| LTM Dividend per Share | 0.55 | 0.55 | 0.55 |
| (+) Excess Retained per Share | 2.04 | 2.28 | 2.44 |
| (=) Adjusted Dividend | 2.58 | 2.83 | 2.99 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $22.81 | $27.70 | $32.83 |
| Upside / Downside | -63.20% | -55.31% | -47.03% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 83.73 | 82.89 | 82.06 | 81.24 | 80.43 | 79.63 | 82.02 |
| Payout Ratio | 16.89% | 31.52% | 46.14% | 60.76% | 75.38% | 90.00% | 92.50% |
| Projected Dividends (M) | 14.15 | 26.12 | 37.86 | 49.36 | 60.63 | 71.66 | 75.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 23.70 | 23.95 | 24.19 |
| Year 2 PV (M) | 31.17 | 31.81 | 32.46 |
| Year 3 PV (M) | 36.87 | 38.01 | 39.18 |
| Year 4 PV (M) | 41.09 | 42.80 | 44.55 |
| Year 5 PV (M) | 44.07 | 46.37 | 48.76 |
| PV of Terminal Value (M) | 765.11 | 804.95 | 846.44 |
| Equity Value (M) | 942.03 | 987.89 | 1,035.57 |
| Shares Outstanding (M) | 25.93 | 25.93 | 25.93 |
| Fair Value | $36.33 | $38.10 | $39.94 |
| Upside / Downside | -41.39% | -38.54% | -35.57% |
| 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% |