Definitive Analysis
| Stable Growth | $25.78 - $39.00 | $32.01 |
| Multi-Stage | $36.84 - $40.40 | $38.59 |
| Blended Fair Value | $35.30 | |
| Current Price | $58.65 | |
| Upside | -39.82% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.32% | 0.31% | 0.87 | 0.86 | 0.87 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.85 | 0.85 |
| YoY Growth | - | - | 1.08% | -0.92% | 1.06% | 0.43% | -0.02% | 0.04% | 0.19% | 0.33% | 0.42% | 0.53% |
| Dividend Yield | - | - | 1.53% | 1.89% | 2.16% | 3.61% | 2.40% | 3.25% | 2.68% | 1.99% | 2.33% | 1.75% |
| Net Income To Common (M) | 37.51 |
| (-) Cash Dividends Paid (M) | 11.31 |
| (=) Cash Retained (M) | 26.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.50 | 4.69 | 2.81 |
| Cash Retained (M) | 26.19 | 26.19 | 26.19 |
| (-) Cash Required (M) | -7.50 | -4.69 | -2.81 |
| (=) Excess Retained (M) | 18.69 | 21.50 | 23.38 |
| (/) Shares Outstanding (M) | 12.83 | 12.83 | 12.83 |
| (=) Excess Retained per Share | 1.46 | 1.68 | 1.82 |
| LTM Dividend per Share | 0.88 | 0.88 | 0.88 |
| (+) Excess Retained per Share | 1.46 | 1.68 | 1.82 |
| (=) Adjusted Dividend | 2.34 | 2.56 | 2.70 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.03% | 1.03% | 2.03% |
| Fair Value | $25.78 | $32.01 | $39.00 |
| Upside / Downside | -56.05% | -45.43% | -33.50% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 37.51 | 37.89 | 38.28 | 38.67 | 39.07 | 39.47 | 40.65 |
| Payout Ratio | 30.16% | 42.13% | 54.10% | 66.07% | 78.03% | 90.00% | 92.50% |
| Projected Dividends (M) | 11.31 | 15.96 | 20.71 | 25.55 | 30.49 | 35.52 | 37.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.03% | 1.03% | 2.03% |
| Year 1 PV (M) | 14.49 | 14.63 | 14.78 |
| Year 2 PV (M) | 17.06 | 17.40 | 17.74 |
| Year 3 PV (M) | 19.10 | 19.68 | 20.27 |
| Year 4 PV (M) | 20.68 | 21.52 | 22.38 |
| Year 5 PV (M) | 21.87 | 22.98 | 24.14 |
| PV of Terminal Value (M) | 379.64 | 399.00 | 419.14 |
| Equity Value (M) | 472.83 | 495.21 | 518.46 |
| Shares Outstanding (M) | 12.83 | 12.83 | 12.83 |
| Fair Value | $36.84 | $38.59 | $40.40 |
| Upside / Downside | -37.18% | -34.21% | -31.12% |
| 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% |