Definitive Analysis
| Stable Growth | $4.78 - $6.96 | $5.84 |
| Multi-Stage | $7.85 - $8.64 | $8.24 |
| Blended Fair Value | $7.04 | |
| Current Price | $26.23 | |
| Upside | -73.17% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.49% | 0.00% | 0.57 | 0.61 | 0.49 | 0.28 | 0.17 | 0.40 | 0.37 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -6.95% | 24.73% | 77.48% | 60.47% | -56.58% | 8.72% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 2.68% | 3.83% | 3.07% | 1.73% | 1.08% | 2.48% | 2.28% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 40.24 |
| (-) Cash Dividends Paid (M) | 0.30 |
| (=) Cash Retained (M) | 39.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8.05 | 5.03 | 3.02 |
| Cash Retained (M) | 39.94 | 39.94 | 39.94 |
| (-) Cash Required (M) | -8.05 | -5.03 | -3.02 |
| (=) Excess Retained (M) | 31.89 | 34.91 | 36.92 |
| (/) Shares Outstanding (M) | 62.67 | 62.67 | 62.67 |
| (=) Excess Retained per Share | 0.51 | 0.56 | 0.59 |
| LTM Dividend per Share | 0.00 | 0.00 | 0.00 |
| (+) Excess Retained per Share | 0.51 | 0.56 | 0.59 |
| (=) Adjusted Dividend | 0.51 | 0.56 | 0.59 |
| WACC / Discount Rate | 8.53% | 8.53% | 8.53% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $4.78 | $5.84 | $6.96 |
| Upside / Downside | -81.78% | -77.75% | -73.46% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 40.24 | 39.84 | 39.44 | 39.04 | 38.65 | 38.27 | 39.41 |
| Payout Ratio | 0.75% | 18.60% | 36.45% | 54.30% | 72.15% | 90.00% | 92.50% |
| Projected Dividends (M) | 0.30 | 7.41 | 14.37 | 21.20 | 27.89 | 34.44 | 36.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.53% | 8.53% | 8.53% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 6.76 | 6.83 | 6.89 |
| Year 2 PV (M) | 11.96 | 12.20 | 12.45 |
| Year 3 PV (M) | 16.09 | 16.58 | 17.09 |
| Year 4 PV (M) | 19.30 | 20.10 | 20.92 |
| Year 5 PV (M) | 21.74 | 22.87 | 24.05 |
| PV of Terminal Value (M) | 416.03 | 437.69 | 460.25 |
| Equity Value (M) | 491.87 | 516.27 | 541.66 |
| Shares Outstanding (M) | 62.67 | 62.67 | 62.67 |
| Fair Value | $7.85 | $8.24 | $8.64 |
| Upside / Downside | -70.08% | -68.59% | -67.05% |
| 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% |