Definitive Analysis
| Stable Growth | $57.15 - $151.61 | $87.39 |
| Multi-Stage | $39.82 - $43.47 | $41.61 |
| Blended Fair Value | $64.50 | |
| Current Price | $35.00 | |
| Upside | 84.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 42.66% | 44.68% | 0.97 | 0.87 | 0.51 | 0.38 | 0.27 | 0.16 | 0.08 | 0.04 | 0.02 | 0.02 |
| YoY Growth | - | - | 11.30% | 69.28% | 35.73% | 39.61% | 65.49% | 102.97% | 80.58% | 80.84% | 0.59% | 2.00% |
| Dividend Yield | - | - | 2.77% | 3.41% | 1.99% | 1.12% | 0.74% | 0.86% | 0.26% | 0.14% | 0.09% | 0.16% |
| Net Income To Common (M) | 77.19 |
| (-) Cash Dividends Paid (M) | 30.66 |
| (=) Cash Retained (M) | 46.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15.44 | 9.65 | 5.79 |
| Cash Retained (M) | 46.53 | 46.53 | 46.53 |
| (-) Cash Required (M) | -15.44 | -9.65 | -5.79 |
| (=) Excess Retained (M) | 31.09 | 36.88 | 40.74 |
| (/) Shares Outstanding (M) | 31.68 | 31.68 | 31.68 |
| (=) Excess Retained per Share | 0.98 | 1.16 | 1.29 |
| LTM Dividend per Share | 0.97 | 0.97 | 0.97 |
| (+) Excess Retained per Share | 0.98 | 1.16 | 1.29 |
| (=) Adjusted Dividend | 1.95 | 2.13 | 2.25 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $57.15 | $87.39 | $151.61 |
| Upside / Downside | 63.29% | 149.68% | 333.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 77.19 | 82.21 | 87.56 | 93.25 | 99.31 | 105.76 | 108.94 |
| Payout Ratio | 39.72% | 49.78% | 59.83% | 69.89% | 79.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 30.66 | 40.92 | 52.39 | 65.17 | 79.39 | 95.19 | 100.77 |
| 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) | 37.16 | 37.51 | 37.86 |
| Year 2 PV (M) | 43.19 | 44.01 | 44.85 |
| Year 3 PV (M) | 48.79 | 50.19 | 51.61 |
| Year 4 PV (M) | 53.97 | 56.04 | 58.18 |
| Year 5 PV (M) | 58.75 | 61.59 | 64.53 |
| PV of Terminal Value (M) | 1,019.89 | 1,069.15 | 1,120.30 |
| Equity Value (M) | 1,261.74 | 1,318.49 | 1,377.33 |
| Shares Outstanding (M) | 31.68 | 31.68 | 31.68 |
| Fair Value | $39.82 | $41.61 | $43.47 |
| Upside / Downside | 13.78% | 18.90% | 24.20% |
| 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% |