Definitive Analysis
| Stable Growth | $26.59 - $38.26 | $32.29 |
| Multi-Stage | $42.15 - $46.34 | $44.20 |
| Blended Fair Value | $38.25 | |
| Current Price | $9.12 | |
| Upside | 319.36% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.29 | 0.39 | 0.38 | 0.47 | 0.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -25.26% | 0.62% | -17.95% | 2.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.17% | 4.55% | 4.40% | 4.89% | 3.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 107.13 |
| (-) Cash Dividends Paid (M) | 14.68 |
| (=) Cash Retained (M) | 92.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 21.43 | 13.39 | 8.03 |
| Cash Retained (M) | 92.45 | 92.45 | 92.45 |
| (-) Cash Required (M) | -21.43 | -13.39 | -8.03 |
| (=) Excess Retained (M) | 71.02 | 79.06 | 84.41 |
| (/) Shares Outstanding (M) | 28.46 | 28.46 | 28.46 |
| (=) Excess Retained per Share | 2.50 | 2.78 | 2.97 |
| LTM Dividend per Share | 0.52 | 0.52 | 0.52 |
| (+) Excess Retained per Share | 2.50 | 2.78 | 2.97 |
| (=) Adjusted Dividend | 3.01 | 3.29 | 3.48 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $26.59 | $32.29 | $38.26 |
| Upside / Downside | 191.52% | 254.01% | 319.57% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 107.13 | 106.06 | 104.99 | 103.94 | 102.91 | 101.88 | 104.93 |
| Payout Ratio | 13.70% | 28.96% | 44.22% | 59.48% | 74.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 14.68 | 30.71 | 46.43 | 61.83 | 76.91 | 91.69 | 97.06 |
| 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) | 27.87 | 28.15 | 28.44 |
| Year 2 PV (M) | 38.22 | 39.01 | 39.80 |
| Year 3 PV (M) | 46.18 | 47.61 | 49.07 |
| Year 4 PV (M) | 52.13 | 54.29 | 56.52 |
| Year 5 PV (M) | 56.39 | 59.32 | 62.38 |
| PV of Terminal Value (M) | 978.89 | 1,029.87 | 1,082.94 |
| Equity Value (M) | 1,199.69 | 1,258.26 | 1,319.15 |
| Shares Outstanding (M) | 28.46 | 28.46 | 28.46 |
| Fair Value | $42.15 | $44.20 | $46.34 |
| Upside / Downside | 362.14% | 384.70% | 408.16% |
| 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% |