Definitive Analysis
| Stable Growth | $13.91 - $21.23 | $17.34 |
| Multi-Stage | $30.09 - $33.08 | $31.55 |
| Blended Fair Value | $24.44 | |
| Current Price | $7.10 | |
| Upside | 244.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -10.90% | -12.21% | 0.48 | 0.53 | 0.58 | 0.61 | 0.66 | 0.85 | 0.99 | 1.02 | 0.53 | 1.05 |
| YoY Growth | - | - | -10.72% | -7.72% | -5.05% | -8.31% | -21.72% | -14.22% | -3.30% | 92.22% | -49.13% | -40.27% |
| Dividend Yield | - | - | 6.03% | 8.43% | 8.16% | 9.21% | 12.58% | 13.71% | 17.17% | 14.70% | 7.32% | 14.82% |
| Net Income To Common (M) | 17.34 |
| (-) Cash Dividends Paid (M) | 10.67 |
| (=) Cash Retained (M) | 6.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3.47 | 2.17 | 1.30 |
| Cash Retained (M) | 6.67 | 6.67 | 6.67 |
| (-) Cash Required (M) | -3.47 | -2.17 | -1.30 |
| (=) Excess Retained (M) | 3.20 | 4.50 | 5.37 |
| (/) Shares Outstanding (M) | 11.07 | 11.07 | 11.07 |
| (=) Excess Retained per Share | 0.29 | 0.41 | 0.48 |
| LTM Dividend per Share | 0.96 | 0.96 | 0.96 |
| (+) Excess Retained per Share | 0.29 | 0.41 | 0.48 |
| (=) Adjusted Dividend | 1.25 | 1.37 | 1.45 |
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $13.91 | $17.34 | $21.23 |
| Upside / Downside | 95.95% | 144.19% | 198.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 17.34 | 17.16 | 16.99 | 16.82 | 16.65 | 16.49 | 16.98 |
| Payout Ratio | 61.55% | 67.24% | 72.93% | 78.62% | 84.31% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.67 | 11.54 | 12.39 | 13.23 | 14.04 | 14.84 | 15.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 10.70 | 10.80 | 10.91 |
| Year 2 PV (M) | 10.64 | 10.86 | 11.08 |
| Year 3 PV (M) | 10.53 | 10.85 | 11.18 |
| Year 4 PV (M) | 10.35 | 10.78 | 11.23 |
| Year 5 PV (M) | 10.14 | 10.67 | 11.22 |
| PV of Terminal Value (M) | 280.82 | 295.45 | 310.67 |
| Equity Value (M) | 333.18 | 349.41 | 366.29 |
| Shares Outstanding (M) | 11.07 | 11.07 | 11.07 |
| Fair Value | $30.09 | $31.55 | $33.08 |
| Upside / Downside | 323.75% | 344.40% | 365.87% |
| 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% |