Definitive Analysis
| Stable Growth | $12.12 - $17.44 | $14.72 |
| Multi-Stage | $20.29 - $22.25 | $21.25 |
| Blended Fair Value | $17.98 | |
| Current Price | $5.02 | |
| Upside | 258.26% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -6.33% | 0.00% | 0.44 | 0.45 | 0.53 | 0.52 | 0.58 | 0.61 | 0.69 | 0.63 | 0.00 | 0.00 |
| YoY Growth | - | - | -1.06% | -15.20% | 1.69% | -10.44% | -5.61% | -10.79% | 8.88% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 9.19% | 11.63% | 11.37% | 8.94% | 14.14% | 11.04% | 13.90% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 73.96 |
| (-) Cash Dividends Paid (M) | 38.83 |
| (=) Cash Retained (M) | 35.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14.79 | 9.25 | 5.55 |
| Cash Retained (M) | 35.13 | 35.13 | 35.13 |
| (-) Cash Required (M) | -14.79 | -9.25 | -5.55 |
| (=) Excess Retained (M) | 20.33 | 25.88 | 29.58 |
| (/) Shares Outstanding (M) | 43.11 | 43.11 | 43.11 |
| (=) Excess Retained per Share | 0.47 | 0.60 | 0.69 |
| LTM Dividend per Share | 0.90 | 0.90 | 0.90 |
| (+) Excess Retained per Share | 0.47 | 0.60 | 0.69 |
| (=) Adjusted Dividend | 1.37 | 1.50 | 1.59 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $12.12 | $14.72 | $17.44 |
| Upside / Downside | 141.43% | 193.17% | 247.46% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 73.96 | 73.22 | 72.49 | 71.76 | 71.05 | 70.34 | 72.45 |
| Payout Ratio | 52.51% | 60.01% | 67.50% | 75.00% | 82.50% | 90.00% | 92.50% |
| Projected Dividends (M) | 38.83 | 43.94 | 48.93 | 53.82 | 58.61 | 63.30 | 67.01 |
| 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) | 39.87 | 40.27 | 40.68 |
| Year 2 PV (M) | 40.29 | 41.11 | 41.95 |
| Year 3 PV (M) | 40.21 | 41.45 | 42.72 |
| Year 4 PV (M) | 39.73 | 41.37 | 43.07 |
| Year 5 PV (M) | 38.93 | 40.96 | 43.07 |
| PV of Terminal Value (M) | 675.83 | 711.02 | 747.66 |
| Equity Value (M) | 874.85 | 916.19 | 959.15 |
| Shares Outstanding (M) | 43.11 | 43.11 | 43.11 |
| Fair Value | $20.29 | $21.25 | $22.25 |
| Upside / Downside | 304.25% | 323.35% | 343.20% |
| 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% |