Definitive Analysis
| Stable Growth | $32.55 - $60.28 | $43.93 |
| Multi-Stage | $33.27 - $36.32 | $34.77 |
| Blended Fair Value | $39.35 | |
| Current Price | $43.30 | |
| Upside | -9.12% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.43% | 10.30% | 1.32 | 1.31 | 1.25 | 1.18 | 1.08 | 0.92 | 0.80 | 0.69 | 0.59 | 0.55 |
| YoY Growth | - | - | 0.90% | 4.05% | 6.13% | 9.18% | 17.66% | 15.00% | 15.95% | 17.22% | 6.85% | 11.48% |
| Dividend Yield | - | - | 3.04% | 4.45% | 3.74% | 3.11% | 3.19% | 3.79% | 2.19% | 1.53% | 1.53% | 2.26% |
| Net Income To Common (M) | 11.95 |
| (-) Cash Dividends Paid (M) | 7.29 |
| (=) Cash Retained (M) | 4.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.39 | 1.49 | 0.90 |
| Cash Retained (M) | 4.67 | 4.67 | 4.67 |
| (-) Cash Required (M) | -2.39 | -1.49 | -0.90 |
| (=) Excess Retained (M) | 2.28 | 3.17 | 3.77 |
| (/) Shares Outstanding (M) | 5.53 | 5.53 | 5.53 |
| (=) Excess Retained per Share | 0.41 | 0.57 | 0.68 |
| LTM Dividend per Share | 1.32 | 1.32 | 1.32 |
| (+) Excess Retained per Share | 0.41 | 0.57 | 0.68 |
| (=) Adjusted Dividend | 1.73 | 1.89 | 2.00 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.60% | 4.60% | 5.60% |
| Fair Value | $32.55 | $43.93 | $60.28 |
| Upside / Downside | -24.83% | 1.45% | 39.21% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 11.95 | 12.50 | 13.08 | 13.68 | 14.31 | 14.97 | 15.42 |
| Payout Ratio | 60.97% | 66.77% | 72.58% | 78.39% | 84.19% | 90.00% | 92.50% |
| Projected Dividends (M) | 7.29 | 8.35 | 9.49 | 10.72 | 12.05 | 13.47 | 14.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.60% | 4.60% | 5.60% |
| Year 1 PV (M) | 7.58 | 7.65 | 7.73 |
| Year 2 PV (M) | 7.82 | 7.98 | 8.13 |
| Year 3 PV (M) | 8.02 | 8.26 | 8.50 |
| Year 4 PV (M) | 8.18 | 8.50 | 8.83 |
| Year 5 PV (M) | 8.31 | 8.72 | 9.14 |
| PV of Terminal Value (M) | 144.20 | 151.30 | 158.67 |
| Equity Value (M) | 184.12 | 192.40 | 200.99 |
| Shares Outstanding (M) | 5.53 | 5.53 | 5.53 |
| Fair Value | $33.27 | $34.77 | $36.32 |
| Upside / Downside | -23.16% | -19.70% | -16.12% |
| 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% |