Definitive Analysis
| Stable Growth | $12.54 - $18.05 | $15.23 |
| Multi-Stage | $21.16 - $23.19 | $22.16 |
| Blended Fair Value | $18.69 | |
| Current Price | $36.67 | |
| Upside | -49.03% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -31.87% | 0.00% | 1.00 | 0.80 | 0.72 | 1.63 | 3.50 | 6.81 | 2.84 | 0.34 | 0.10 | 0.00 |
| YoY Growth | - | - | 25.49% | 10.87% | -55.84% | -53.46% | -48.66% | 139.34% | 740.77% | 251.35% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.46% | 1.81% | 2.68% | 5.05% | 8.50% | 38.40% | 12.31% | 1.19% | 0.87% | 0.00% |
| Net Income To Common (M) | 68.20 |
| (-) Cash Dividends Paid (M) | 39.80 |
| (=) Cash Retained (M) | 28.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13.64 | 8.53 | 5.12 |
| Cash Retained (M) | 28.40 | 28.40 | 28.40 |
| (-) Cash Required (M) | -13.64 | -8.53 | -5.12 |
| (=) Excess Retained (M) | 14.76 | 19.88 | 23.29 |
| (/) Shares Outstanding (M) | 38.43 | 38.43 | 38.43 |
| (=) Excess Retained per Share | 0.38 | 0.52 | 0.61 |
| LTM Dividend per Share | 1.04 | 1.04 | 1.04 |
| (+) Excess Retained per Share | 0.38 | 0.52 | 0.61 |
| (=) Adjusted Dividend | 1.42 | 1.55 | 1.64 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $12.54 | $15.23 | $18.05 |
| Upside / Downside | -65.81% | -58.48% | -50.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 68.20 | 67.52 | 66.84 | 66.17 | 65.51 | 64.86 | 66.80 |
| Payout Ratio | 58.36% | 64.69% | 71.01% | 77.34% | 83.67% | 90.00% | 92.50% |
| Projected Dividends (M) | 39.80 | 43.67 | 47.47 | 51.18 | 54.82 | 58.37 | 61.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 39.63 | 40.03 | 40.44 |
| Year 2 PV (M) | 39.08 | 39.88 | 40.69 |
| Year 3 PV (M) | 38.23 | 39.41 | 40.62 |
| Year 4 PV (M) | 37.15 | 38.69 | 40.28 |
| Year 5 PV (M) | 35.90 | 37.77 | 39.71 |
| PV of Terminal Value (M) | 623.19 | 655.64 | 689.43 |
| Equity Value (M) | 813.18 | 851.43 | 891.18 |
| Shares Outstanding (M) | 38.43 | 38.43 | 38.43 |
| Fair Value | $21.16 | $22.16 | $23.19 |
| Upside / Downside | -42.29% | -39.57% | -36.75% |
| 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% |