Definitive Analysis
| Stable Growth | $6.74 - $9.11 | $7.95 |
| Multi-Stage | $13.80 - $15.17 | $14.47 |
| Blended Fair Value | $11.21 | |
| Current Price | $12.49 | |
| Upside | -10.24% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -4.78% | -5.13% | 0.53 | 0.54 | 0.65 | 0.76 | 0.71 | 0.67 | 0.72 | 0.74 | 0.78 | 0.84 |
| YoY Growth | - | - | -1.88% | -17.96% | -14.18% | 6.94% | 5.96% | -6.45% | -3.24% | -5.16% | -6.37% | -6.14% |
| Dividend Yield | - | - | 4.21% | 4.55% | 5.36% | 5.03% | 4.55% | 4.34% | 5.00% | 5.12% | 5.30% | 4.88% |
| Net Income To Common (M) | 67.74 |
| (-) Cash Dividends Paid (M) | 43.58 |
| (=) Cash Retained (M) | 24.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13.55 | 8.47 | 5.08 |
| Cash Retained (M) | 24.17 | 24.17 | 24.17 |
| (-) Cash Required (M) | -13.55 | -8.47 | -5.08 |
| (=) Excess Retained (M) | 10.62 | 15.70 | 19.09 |
| (/) Shares Outstanding (M) | 47.20 | 47.20 | 47.20 |
| (=) Excess Retained per Share | 0.22 | 0.33 | 0.40 |
| LTM Dividend per Share | 0.92 | 0.92 | 0.92 |
| (+) Excess Retained per Share | 0.22 | 0.33 | 0.40 |
| (=) Adjusted Dividend | 1.15 | 1.26 | 1.33 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -6.78% | -5.78% | -4.78% |
| Fair Value | $6.74 | $7.95 | $9.11 |
| Upside / Downside | -46.02% | -36.32% | -27.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 67.74 | 63.83 | 60.14 | 56.67 | 53.39 | 50.31 | 51.82 |
| Payout Ratio | 64.33% | 69.46% | 74.60% | 79.73% | 84.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 43.58 | 44.34 | 44.86 | 45.18 | 45.31 | 45.28 | 47.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -6.78% | -5.78% | -4.78% |
| Year 1 PV (M) | 40.21 | 40.64 | 41.07 |
| Year 2 PV (M) | 36.90 | 37.69 | 38.50 |
| Year 3 PV (M) | 33.70 | 34.79 | 35.91 |
| Year 4 PV (M) | 30.65 | 31.98 | 33.36 |
| Year 5 PV (M) | 27.77 | 29.29 | 30.88 |
| PV of Terminal Value (M) | 482.12 | 508.54 | 536.11 |
| Equity Value (M) | 651.34 | 682.95 | 715.83 |
| Shares Outstanding (M) | 47.20 | 47.20 | 47.20 |
| Fair Value | $13.80 | $14.47 | $15.17 |
| Upside / Downside | 10.48% | 15.84% | 21.42% |
| 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% |