Definitive Analysis
| Stable Growth | $43.31 - $114.89 | $66.22 |
| Multi-Stage | $32.18 - $35.02 | $33.58 |
| Blended Fair Value | $49.90 | |
| Current Price | $29.46 | |
| Upside | 69.38% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 18.46% | 14.14% | 1.95 | 1.96 | 1.81 | 1.88 | 1.69 | 0.84 | 1.83 | 1.15 | 0.78 | 0.65 |
| YoY Growth | - | - | -0.37% | 8.44% | -3.94% | 11.47% | 101.64% | -54.31% | 59.24% | 47.32% | 20.34% | 24.71% |
| Dividend Yield | - | - | 6.63% | 6.15% | 6.05% | 8.90% | 7.13% | 6.19% | 9.60% | 5.56% | 2.41% | 2.08% |
| Net Income To Common (M) | 47.33 |
| (-) Cash Dividends Paid (M) | 46.26 |
| (=) Cash Retained (M) | 1.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9.47 | 5.92 | 3.55 |
| Cash Retained (M) | 1.07 | 1.07 | 1.07 |
| (-) Cash Required (M) | -9.47 | -5.92 | -3.55 |
| (=) Excess Retained (M) | -8.40 | -4.85 | -2.48 |
| (/) Shares Outstanding (M) | 25.63 | 25.63 | 25.63 |
| (=) Excess Retained per Share | -0.33 | -0.19 | -0.10 |
| LTM Dividend per Share | 1.80 | 1.80 | 1.80 |
| (+) Excess Retained per Share | -0.33 | -0.19 | -0.10 |
| (=) Adjusted Dividend | 1.48 | 1.62 | 1.71 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $43.31 | $66.22 | $114.89 |
| Upside / Downside | 47.01% | 124.79% | 289.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 47.33 | 50.40 | 53.68 | 57.17 | 60.89 | 64.84 | 66.79 |
| Payout Ratio | 97.75% | 96.20% | 94.65% | 93.10% | 91.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 46.26 | 48.49 | 50.81 | 53.23 | 55.74 | 58.36 | 61.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 44.03 | 44.45 | 44.86 |
| Year 2 PV (M) | 41.89 | 42.69 | 43.49 |
| Year 3 PV (M) | 39.85 | 40.99 | 42.15 |
| Year 4 PV (M) | 37.89 | 39.35 | 40.85 |
| Year 5 PV (M) | 36.02 | 37.76 | 39.57 |
| PV of Terminal Value (M) | 625.30 | 655.50 | 686.86 |
| Equity Value (M) | 824.97 | 860.73 | 897.78 |
| Shares Outstanding (M) | 25.63 | 25.63 | 25.63 |
| Fair Value | $32.18 | $33.58 | $35.02 |
| Upside / Downside | 9.24% | 13.97% | 18.88% |
| 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% |