Definitive Analysis
| Stable Growth | $43.09 - $75.93 | $57.03 |
| Multi-Stage | $47.07 - $51.43 | $49.21 |
| Blended Fair Value | $53.12 | |
| Current Price | $39.61 | |
| Upside | 34.10% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.69% | 4.34% | 0.94 | 0.61 | 0.18 | 0.00 | 0.44 | 0.86 | 1.72 | 0.84 | 0.84 | 1.03 |
| YoY Growth | - | - | 54.78% | 242.98% | 0.00% | -100.00% | -49.70% | -49.58% | 103.34% | 0.96% | -18.94% | 67.62% |
| Dividend Yield | - | - | 2.37% | 2.02% | 1.10% | 0.00% | 2.99% | 4.55% | 7.23% | 2.81% | 3.71% | 4.08% |
| Net Income To Common (M) | 8.71 |
| (-) Cash Dividends Paid (M) | 4.71 |
| (=) Cash Retained (M) | 4.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.74 | 1.09 | 0.65 |
| Cash Retained (M) | 4.01 | 4.01 | 4.01 |
| (-) Cash Required (M) | -1.74 | -1.09 | -0.65 |
| (=) Excess Retained (M) | 2.26 | 2.92 | 3.35 |
| (/) Shares Outstanding (M) | 2.76 | 2.76 | 2.76 |
| (=) Excess Retained per Share | 0.82 | 1.06 | 1.21 |
| LTM Dividend per Share | 1.70 | 1.70 | 1.70 |
| (+) Excess Retained per Share | 0.82 | 1.06 | 1.21 |
| (=) Adjusted Dividend | 2.52 | 2.76 | 2.92 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.06% | 4.06% | 5.06% |
| Fair Value | $43.09 | $57.03 | $75.93 |
| Upside / Downside | 8.78% | 43.97% | 91.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8.71 | 9.07 | 9.44 | 9.82 | 10.22 | 10.63 | 10.95 |
| Payout Ratio | 54.01% | 61.21% | 68.41% | 75.60% | 82.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 4.71 | 5.55 | 6.45 | 7.42 | 8.46 | 9.57 | 10.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.06% | 4.06% | 5.06% |
| Year 1 PV (M) | 5.04 | 5.09 | 5.14 |
| Year 2 PV (M) | 5.32 | 5.42 | 5.53 |
| Year 3 PV (M) | 5.55 | 5.72 | 5.88 |
| Year 4 PV (M) | 5.75 | 5.97 | 6.21 |
| Year 5 PV (M) | 5.90 | 6.19 | 6.49 |
| PV of Terminal Value (M) | 102.42 | 107.48 | 112.75 |
| Equity Value (M) | 129.97 | 135.87 | 142.00 |
| Shares Outstanding (M) | 2.76 | 2.76 | 2.76 |
| Fair Value | $47.07 | $49.21 | $51.43 |
| Upside / Downside | 18.84% | 24.24% | 29.83% |
| 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% |