Definitive Analysis
| Stable Growth | $97.48 - $258.58 | $149.05 |
| Multi-Stage | $67.30 - $73.50 | $70.35 |
| Blended Fair Value | $109.70 | |
| Current Price | $39.92 | |
| Upside | 174.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.68% | 27.93% | 1.06 | 1.00 | 0.91 | 0.59 | 0.46 | 0.37 | 0.25 | 0.17 | 0.14 | 0.11 |
| YoY Growth | - | - | 6.45% | 9.41% | 54.19% | 28.76% | 25.14% | 49.14% | 43.88% | 22.11% | 31.96% | 17.33% |
| Dividend Yield | - | - | 2.80% | 2.99% | 3.04% | 1.91% | 1.37% | 2.04% | 0.98% | 0.64% | 0.75% | 0.84% |
| Net Income To Common (M) | 32.31 |
| (-) Cash Dividends Paid (M) | 10.27 |
| (=) Cash Retained (M) | 22.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.46 | 4.04 | 2.42 |
| Cash Retained (M) | 22.04 | 22.04 | 22.04 |
| (-) Cash Required (M) | -6.46 | -4.04 | -2.42 |
| (=) Excess Retained (M) | 15.58 | 18.00 | 19.62 |
| (/) Shares Outstanding (M) | 7.77 | 7.77 | 7.77 |
| (=) Excess Retained per Share | 2.00 | 2.32 | 2.52 |
| LTM Dividend per Share | 1.32 | 1.32 | 1.32 |
| (+) Excess Retained per Share | 2.00 | 2.32 | 2.52 |
| (=) Adjusted Dividend | 3.32 | 3.64 | 3.84 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $97.48 | $149.05 | $258.58 |
| Upside / Downside | 144.18% | 273.38% | 547.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32.31 | 34.41 | 36.64 | 39.03 | 41.56 | 44.26 | 45.59 |
| Payout Ratio | 31.78% | 43.43% | 55.07% | 66.71% | 78.36% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.27 | 14.94 | 20.18 | 26.04 | 32.57 | 39.84 | 42.17 |
| 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) | 13.57 | 13.70 | 13.83 |
| Year 2 PV (M) | 16.64 | 16.95 | 17.27 |
| Year 3 PV (M) | 19.49 | 20.05 | 20.62 |
| Year 4 PV (M) | 22.14 | 22.99 | 23.86 |
| Year 5 PV (M) | 24.59 | 25.78 | 27.01 |
| PV of Terminal Value (M) | 426.85 | 447.47 | 468.88 |
| Equity Value (M) | 523.28 | 546.94 | 571.47 |
| Shares Outstanding (M) | 7.77 | 7.77 | 7.77 |
| Fair Value | $67.30 | $70.35 | $73.50 |
| Upside / Downside | 68.60% | 76.22% | 84.13% |
| 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% |