Definitive Analysis
| Stable Growth | $20.65 - $30.61 | $25.41 |
| Multi-Stage | $31.80 - $34.84 | $33.29 |
| Blended Fair Value | $29.35 | |
| Current Price | $42.48 | |
| Upside | -30.91% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.38% | 14.92% | 1.23 | 1.21 | 3.68 | 1.18 | 1.24 | 1.15 | 1.09 | 0.80 | 0.47 | 0.31 |
| YoY Growth | - | - | 2.02% | -67.11% | 211.38% | -4.92% | 7.77% | 5.99% | 35.53% | 71.30% | 49.35% | 2.12% |
| Dividend Yield | - | - | 2.44% | 2.70% | 8.82% | 2.88% | 2.88% | 2.84% | 2.67% | 1.98% | 1.23% | 1.11% |
| Net Income To Common (M) | 62.50 |
| (-) Cash Dividends Paid (M) | 30.30 |
| (=) Cash Retained (M) | 32.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 12.50 | 7.81 | 4.69 |
| Cash Retained (M) | 32.20 | 32.20 | 32.20 |
| (-) Cash Required (M) | -12.50 | -7.81 | -4.69 |
| (=) Excess Retained (M) | 19.70 | 24.39 | 27.51 |
| (/) Shares Outstanding (M) | 24.56 | 24.56 | 24.56 |
| (=) Excess Retained per Share | 0.80 | 0.99 | 1.12 |
| LTM Dividend per Share | 1.23 | 1.23 | 1.23 |
| (+) Excess Retained per Share | 0.80 | 0.99 | 1.12 |
| (=) Adjusted Dividend | 2.04 | 2.23 | 2.35 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.69% | 0.31% | 1.31% |
| Fair Value | $20.65 | $25.41 | $30.61 |
| Upside / Downside | -51.39% | -40.19% | -27.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 62.50 | 62.69 | 62.88 | 63.08 | 63.27 | 63.46 | 65.37 |
| Payout Ratio | 48.48% | 56.78% | 65.09% | 73.39% | 81.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 30.30 | 35.60 | 40.93 | 46.29 | 51.69 | 57.12 | 60.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.69% | 0.31% | 1.31% |
| Year 1 PV (M) | 32.30 | 32.63 | 32.96 |
| Year 2 PV (M) | 33.71 | 34.39 | 35.08 |
| Year 3 PV (M) | 34.59 | 35.65 | 36.73 |
| Year 4 PV (M) | 35.05 | 36.49 | 37.96 |
| Year 5 PV (M) | 35.15 | 36.96 | 38.83 |
| PV of Terminal Value (M) | 610.20 | 641.55 | 674.17 |
| Equity Value (M) | 781.01 | 817.66 | 855.73 |
| Shares Outstanding (M) | 24.56 | 24.56 | 24.56 |
| Fair Value | $31.80 | $33.29 | $34.84 |
| Upside / Downside | -25.14% | -21.63% | -17.98% |
| 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% |