Definitive Analysis
| Stable Growth | $73.28 - $170.84 | $107.50 |
| Multi-Stage | $56.32 - $61.50 | $58.86 |
| Blended Fair Value | $83.18 | |
| Current Price | $46.00 | |
| Upside | 80.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.93% | 7.05% | 1.27 | 1.26 | 1.27 | 1.24 | 1.18 | 1.15 | 1.03 | 0.91 | 0.79 | 0.71 |
| YoY Growth | - | - | 0.61% | -1.11% | 2.43% | 5.70% | 2.17% | 11.24% | 14.07% | 14.42% | 12.23% | 10.26% |
| Dividend Yield | - | - | 3.57% | 4.87% | 4.29% | 3.68% | 3.77% | 4.19% | 2.87% | 2.48% | 2.60% | 3.21% |
| Net Income To Common (M) | 15.67 |
| (-) Cash Dividends Paid (M) | 5.78 |
| (=) Cash Retained (M) | 9.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3.13 | 1.96 | 1.18 |
| Cash Retained (M) | 9.89 | 9.89 | 9.89 |
| (-) Cash Required (M) | -3.13 | -1.96 | -1.18 |
| (=) Excess Retained (M) | 6.76 | 7.93 | 8.72 |
| (/) Shares Outstanding (M) | 4.44 | 4.44 | 4.44 |
| (=) Excess Retained per Share | 1.52 | 1.78 | 1.96 |
| LTM Dividend per Share | 1.30 | 1.30 | 1.30 |
| (+) Excess Retained per Share | 1.52 | 1.78 | 1.96 |
| (=) Adjusted Dividend | 2.82 | 3.09 | 3.26 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.05% | 6.05% | 7.05% |
| Fair Value | $73.28 | $107.50 | $170.84 |
| Upside / Downside | 59.30% | 133.69% | 271.39% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 15.67 | 16.62 | 17.63 | 18.69 | 19.82 | 21.03 | 21.66 |
| Payout Ratio | 36.88% | 47.50% | 58.13% | 68.75% | 79.38% | 90.00% | 92.50% |
| Projected Dividends (M) | 5.78 | 7.89 | 10.25 | 12.85 | 15.74 | 18.92 | 20.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.05% | 6.05% | 7.05% |
| Year 1 PV (M) | 7.17 | 7.24 | 7.30 |
| Year 2 PV (M) | 8.45 | 8.61 | 8.77 |
| Year 3 PV (M) | 9.62 | 9.90 | 10.18 |
| Year 4 PV (M) | 10.69 | 11.11 | 11.53 |
| Year 5 PV (M) | 11.68 | 12.24 | 12.83 |
| PV of Terminal Value (M) | 202.71 | 212.54 | 222.75 |
| Equity Value (M) | 250.32 | 261.64 | 273.37 |
| Shares Outstanding (M) | 4.44 | 4.44 | 4.44 |
| Fair Value | $56.32 | $58.86 | $61.50 |
| Upside / Downside | 22.43% | 27.97% | 33.71% |
| 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% |