Definitive Analysis
| Stable Growth | $12.53 - $17.22 | $14.90 |
| Multi-Stage | $25.30 - $27.72 | $26.49 |
| Blended Fair Value | $20.69 | |
| Current Price | $24.72 | |
| Upside | -16.29% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -7.75% | -3.06% | 2.12 | 2.15 | 2.08 | 0.00 | 1.62 | 3.17 | 3.46 | 4.72 | 4.56 | 4.48 |
| YoY Growth | - | - | -1.30% | 3.09% | 0.00% | -100.00% | -48.92% | -8.34% | -26.74% | 3.50% | 1.91% | 54.83% |
| Dividend Yield | - | - | 9.10% | 4.63% | 3.08% | 0.00% | 1.80% | 11.06% | 3.75% | 7.20% | 8.39% | 4.79% |
| Net Income To Common (M) | 34.51 |
| (-) Cash Dividends Paid (M) | 31.40 |
| (=) Cash Retained (M) | 3.11 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.90 | 4.31 | 2.59 |
| Cash Retained (M) | 3.11 | 3.11 | 3.11 |
| (-) Cash Required (M) | -6.90 | -4.31 | -2.59 |
| (=) Excess Retained (M) | -3.79 | -1.20 | 0.52 |
| (/) Shares Outstanding (M) | 14.78 | 14.78 | 14.78 |
| (=) Excess Retained per Share | -0.26 | -0.08 | 0.04 |
| LTM Dividend per Share | 2.13 | 2.13 | 2.13 |
| (+) Excess Retained per Share | -0.26 | -0.08 | 0.04 |
| (=) Adjusted Dividend | 1.87 | 2.04 | 2.16 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.06% | -4.06% | -3.06% |
| Fair Value | $12.53 | $14.90 | $17.22 |
| Upside / Downside | -49.33% | -39.74% | -30.34% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 34.51 | 33.11 | 31.76 | 30.47 | 29.23 | 28.04 | 28.89 |
| Payout Ratio | 90.98% | 90.78% | 90.59% | 90.39% | 90.20% | 90.00% | 92.50% |
| Projected Dividends (M) | 31.40 | 30.06 | 28.77 | 27.54 | 26.37 | 25.24 | 26.72 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.06% | -4.06% | -3.06% |
| Year 1 PV (M) | 27.26 | 27.55 | 27.84 |
| Year 2 PV (M) | 23.67 | 24.17 | 24.68 |
| Year 3 PV (M) | 20.55 | 21.21 | 21.88 |
| Year 4 PV (M) | 17.85 | 18.61 | 19.40 |
| Year 5 PV (M) | 15.50 | 16.33 | 17.20 |
| PV of Terminal Value (M) | 269.03 | 283.50 | 298.59 |
| Equity Value (M) | 373.86 | 391.38 | 409.59 |
| Shares Outstanding (M) | 14.78 | 14.78 | 14.78 |
| Fair Value | $25.30 | $26.49 | $27.72 |
| Upside / Downside | 2.36% | 7.16% | 12.14% |
| 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% |