Definitive Analysis
| Stable Growth | $7.25 - $11.37 | $9.14 |
| Multi-Stage | $10.25 - $11.19 | $10.72 |
| Blended Fair Value | $9.93 | |
| Current Price | $12.35 | |
| Upside | -19.61% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.87% | 6.87% | 0.83 | 0.83 | 0.82 | 0.81 | 0.77 | 0.76 | 0.69 | 0.60 | 0.53 | 0.47 |
| YoY Growth | - | - | 0.02% | 1.76% | 1.81% | 4.82% | 1.00% | 10.68% | 13.73% | 13.45% | 12.26% | 10.51% |
| Dividend Yield | - | - | 6.76% | 7.76% | 6.07% | 4.14% | 3.62% | 4.38% | 3.09% | 2.20% | 1.97% | 2.50% |
| Net Income To Common (M) | 16.40 |
| (-) Cash Dividends Paid (M) | 14.21 |
| (=) Cash Retained (M) | 2.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3.28 | 2.05 | 1.23 |
| Cash Retained (M) | 2.19 | 2.19 | 2.19 |
| (-) Cash Required (M) | -3.28 | -2.05 | -1.23 |
| (=) Excess Retained (M) | -1.09 | 0.14 | 0.96 |
| (/) Shares Outstanding (M) | 22.68 | 22.68 | 22.68 |
| (=) Excess Retained per Share | -0.05 | 0.01 | 0.04 |
| LTM Dividend per Share | 0.63 | 0.63 | 0.63 |
| (+) Excess Retained per Share | -0.05 | 0.01 | 0.04 |
| (=) Adjusted Dividend | 0.58 | 0.63 | 0.67 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.04% | 2.04% | 3.04% |
| Fair Value | $7.25 | $9.14 | $11.37 |
| Upside / Downside | -41.30% | -25.98% | -7.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 16.40 | 16.73 | 17.07 | 17.42 | 17.77 | 18.14 | 18.68 |
| Payout Ratio | 86.64% | 87.31% | 87.98% | 88.66% | 89.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 14.21 | 14.61 | 15.02 | 15.44 | 15.88 | 16.32 | 17.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.04% | 2.04% | 3.04% |
| Year 1 PV (M) | 13.26 | 13.39 | 13.52 |
| Year 2 PV (M) | 12.37 | 12.62 | 12.87 |
| Year 3 PV (M) | 11.55 | 11.89 | 12.25 |
| Year 4 PV (M) | 10.77 | 11.21 | 11.65 |
| Year 5 PV (M) | 10.05 | 10.56 | 11.09 |
| PV of Terminal Value (M) | 174.52 | 183.33 | 192.50 |
| Equity Value (M) | 232.53 | 243.00 | 253.87 |
| Shares Outstanding (M) | 22.68 | 22.68 | 22.68 |
| Fair Value | $10.25 | $10.72 | $11.19 |
| Upside / Downside | -16.97% | -13.23% | -9.35% |
| 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% |