Definitive Analysis
| Stable Growth | $15.43 - $30.68 | $21.40 |
| Multi-Stage | $14.44 - $15.75 | $15.08 |
| Blended Fair Value | $18.24 | |
| Current Price | $12.57 | |
| Upside | 45.11% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.89% | 4.61% | 0.59 | 0.44 | 0.58 | 0.55 | 0.53 | 0.52 | 0.52 | 0.47 | 0.45 | 0.43 |
| YoY Growth | - | - | 34.40% | -24.21% | 5.99% | 3.04% | 3.64% | -0.15% | 9.20% | 5.17% | 3.46% | 14.70% |
| Dividend Yield | - | - | 3.89% | 3.27% | 4.00% | 3.87% | 2.40% | 8.59% | 4.48% | 3.41% | 3.53% | 3.45% |
| Net Income To Common (M) | 12.70 |
| (-) Cash Dividends Paid (M) | 8.29 |
| (=) Cash Retained (M) | 4.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.54 | 1.59 | 0.95 |
| Cash Retained (M) | 4.41 | 4.41 | 4.41 |
| (-) Cash Required (M) | -2.54 | -1.59 | -0.95 |
| (=) Excess Retained (M) | 1.87 | 2.82 | 3.46 |
| (/) Shares Outstanding (M) | 13.97 | 13.97 | 13.97 |
| (=) Excess Retained per Share | 0.13 | 0.20 | 0.25 |
| LTM Dividend per Share | 0.59 | 0.59 | 0.59 |
| (+) Excess Retained per Share | 0.13 | 0.20 | 0.25 |
| (=) Adjusted Dividend | 0.73 | 0.80 | 0.84 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.19% | 5.19% | 6.19% |
| Fair Value | $15.43 | $21.40 | $30.68 |
| Upside / Downside | 22.75% | 70.21% | 144.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 12.70 | 13.36 | 14.05 | 14.78 | 15.55 | 16.35 | 16.84 |
| Payout Ratio | 65.28% | 70.22% | 75.17% | 80.11% | 85.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 8.29 | 9.38 | 10.56 | 11.84 | 13.22 | 14.72 | 15.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.19% | 5.19% | 6.19% |
| Year 1 PV (M) | 8.52 | 8.60 | 8.68 |
| Year 2 PV (M) | 8.70 | 8.87 | 9.04 |
| Year 3 PV (M) | 8.86 | 9.12 | 9.38 |
| Year 4 PV (M) | 8.98 | 9.33 | 9.69 |
| Year 5 PV (M) | 9.08 | 9.52 | 9.98 |
| PV of Terminal Value (M) | 157.59 | 165.30 | 173.31 |
| Equity Value (M) | 201.73 | 210.74 | 220.09 |
| Shares Outstanding (M) | 13.97 | 13.97 | 13.97 |
| Fair Value | $14.44 | $15.08 | $15.75 |
| Upside / Downside | 14.88% | 20.01% | 25.33% |
| 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% |