Definitive Analysis
| Stable Growth | $77.20 - $179.30 | $113.12 |
| Multi-Stage | $97.67 - $106.98 | $102.24 |
| Blended Fair Value | $107.68 | |
| Current Price | $14.93 | |
| Upside | 621.21% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.26% | 0.00% | 1.54 | 1.41 | 1.34 | 1.25 | 1.16 | 1.09 | 1.08 | 1.08 | 1.11 | 1.19 |
| YoY Growth | - | - | 9.28% | 5.42% | 6.92% | 7.99% | 6.72% | 0.68% | -0.56% | -2.41% | -6.54% | 0.00% |
| Dividend Yield | - | - | 10.33% | 8.68% | 8.20% | 6.44% | 4.75% | 4.62% | 4.61% | 5.06% | 0.00% | 0.00% |
| Net Income To Common (M) | 92.58 |
| (-) Cash Dividends Paid (M) | 68.85 |
| (=) Cash Retained (M) | 23.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18.52 | 11.57 | 6.94 |
| Cash Retained (M) | 23.73 | 23.73 | 23.73 |
| (-) Cash Required (M) | -18.52 | -11.57 | -6.94 |
| (=) Excess Retained (M) | 5.21 | 12.16 | 16.79 |
| (/) Shares Outstanding (M) | 24.22 | 24.22 | 24.22 |
| (=) Excess Retained per Share | 0.22 | 0.50 | 0.69 |
| LTM Dividend per Share | 2.84 | 2.84 | 2.84 |
| (+) Excess Retained per Share | 0.22 | 0.50 | 0.69 |
| (=) Adjusted Dividend | 3.06 | 3.34 | 3.54 |
| WACC / Discount Rate | 6.59% | 6.59% | 6.59% |
| Growth Rate | 2.53% | 3.53% | 4.53% |
| Fair Value | $77.20 | $113.12 | $179.30 |
| Upside / Downside | 417.10% | 657.64% | 1,100.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 92.58 | 95.85 | 99.24 | 102.75 | 106.38 | 110.13 | 113.44 |
| Payout Ratio | 74.37% | 77.50% | 80.62% | 83.75% | 86.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 68.85 | 74.28 | 80.01 | 86.05 | 92.41 | 99.12 | 104.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.59% | 6.59% | 6.59% |
| Growth Rate | 2.53% | 3.53% | 4.53% |
| Year 1 PV (M) | 69.01 | 69.69 | 70.36 |
| Year 2 PV (M) | 69.06 | 70.42 | 71.78 |
| Year 3 PV (M) | 69.01 | 71.05 | 73.12 |
| Year 4 PV (M) | 68.86 | 71.58 | 74.39 |
| Year 5 PV (M) | 68.62 | 72.03 | 75.57 |
| PV of Terminal Value (M) | 2,020.93 | 2,121.42 | 2,225.87 |
| Equity Value (M) | 2,365.48 | 2,476.18 | 2,591.10 |
| Shares Outstanding (M) | 24.22 | 24.22 | 24.22 |
| Fair Value | $97.67 | $102.24 | $106.98 |
| Upside / Downside | 554.16% | 584.78% | 616.56% |
| 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% |