Definitive Analysis
| Stable Growth | $2.85 - $4.51 | $3.61 |
| Multi-Stage | $7.18 - $7.92 | $7.54 |
| Blended Fair Value | $5.58 | |
| Current Price | $10.44 | |
| Upside | -46.59% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 9.35 |
| (-) Cash Dividends Paid (M) | 3.96 |
| (=) Cash Retained (M) | 5.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.87 | 1.17 | 0.70 |
| Cash Retained (M) | 5.39 | 5.39 | 5.39 |
| (-) Cash Required (M) | -1.87 | -1.17 | -0.70 |
| (=) Excess Retained (M) | 3.52 | 4.22 | 4.69 |
| (/) Shares Outstanding (M) | 32.43 | 32.43 | 32.43 |
| (=) Excess Retained per Share | 0.11 | 0.13 | 0.14 |
| LTM Dividend per Share | 0.12 | 0.12 | 0.12 |
| (+) Excess Retained per Share | 0.11 | 0.13 | 0.14 |
| (=) Adjusted Dividend | 0.23 | 0.25 | 0.27 |
| WACC / Discount Rate | 5.92% | 5.92% | 5.92% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $2.85 | $3.61 | $4.51 |
| Upside / Downside | -72.66% | -65.42% | -56.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 9.35 | 9.25 | 9.16 | 9.07 | 8.98 | 8.89 | 9.15 |
| Payout Ratio | 42.35% | 51.88% | 61.41% | 70.94% | 80.47% | 90.00% | 92.50% |
| Projected Dividends (M) | 3.96 | 4.80 | 5.63 | 6.43 | 7.22 | 8.00 | 8.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 5.92% | 5.92% | 5.92% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 4.49 | 4.53 | 4.58 |
| Year 2 PV (M) | 4.91 | 5.01 | 5.12 |
| Year 3 PV (M) | 5.25 | 5.41 | 5.58 |
| Year 4 PV (M) | 5.51 | 5.74 | 5.98 |
| Year 5 PV (M) | 5.70 | 6.00 | 6.31 |
| PV of Terminal Value (M) | 207.07 | 217.86 | 229.08 |
| Equity Value (M) | 232.94 | 244.56 | 256.65 |
| Shares Outstanding (M) | 32.43 | 32.43 | 32.43 |
| Fair Value | $7.18 | $7.54 | $7.92 |
| Upside / Downside | -31.19% | -27.76% | -24.19% |
| 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% |