Definitive Analysis
| Stable Growth | $113.81 - $332.84 | $311.92 |
| Multi-Stage | $45.49 - $49.80 | $47.61 |
| Blended Fair Value | $179.76 | |
| Current Price | $9.14 | |
| Upside | 1,866.77% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.36% | 17.46% | 0.49 | 0.49 | 0.04 | 0.04 | 0.04 | 0.42 | 0.36 | 0.29 | 0.22 | 0.20 |
| YoY Growth | - | - | 0.99% | 1,162.50% | 8.81% | -4.54% | -91.09% | 16.22% | 23.05% | 32.19% | 8.03% | 107.58% |
| Dividend Yield | - | - | 5.51% | 6.06% | 0.48% | 0.45% | 0.51% | 9.59% | 4.90% | 3.36% | 3.30% | 4.06% |
| Net Income To Common (M) | 34.60 |
| (-) Cash Dividends Paid (M) | 10.20 |
| (=) Cash Retained (M) | 24.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.92 | 4.33 | 2.60 |
| Cash Retained (M) | 24.40 | 24.40 | 24.40 |
| (-) Cash Required (M) | -6.92 | -4.33 | -2.60 |
| (=) Excess Retained (M) | 17.48 | 20.08 | 21.81 |
| (/) Shares Outstanding (M) | 20.67 | 20.67 | 20.67 |
| (=) Excess Retained per Share | 0.85 | 0.97 | 1.05 |
| LTM Dividend per Share | 0.49 | 0.49 | 0.49 |
| (+) Excess Retained per Share | 0.85 | 0.97 | 1.05 |
| (=) Adjusted Dividend | 1.34 | 1.46 | 1.55 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $113.81 | $311.92 | $332.84 |
| Upside / Downside | 1,145.20% | 3,312.69% | 3,541.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 34.60 | 36.85 | 39.24 | 41.80 | 44.51 | 47.40 | 48.83 |
| Payout Ratio | 29.48% | 41.58% | 53.69% | 65.79% | 77.90% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.20 | 15.32 | 21.07 | 27.50 | 34.67 | 42.66 | 45.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 14.22 | 14.36 | 14.49 |
| Year 2 PV (M) | 18.15 | 18.49 | 18.84 |
| Year 3 PV (M) | 21.98 | 22.61 | 23.25 |
| Year 4 PV (M) | 25.72 | 26.71 | 27.73 |
| Year 5 PV (M) | 29.37 | 30.79 | 32.26 |
| PV of Terminal Value (M) | 831.11 | 871.25 | 912.93 |
| Equity Value (M) | 940.55 | 984.21 | 1,029.50 |
| Shares Outstanding (M) | 20.67 | 20.67 | 20.67 |
| Fair Value | $45.49 | $47.61 | $49.80 |
| Upside / Downside | 397.75% | 420.86% | 444.83% |
| 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% |