Definitive Analysis
| Stable Growth | $32.40 - $85.94 | $49.54 |
| Multi-Stage | $23.15 - $25.24 | $24.18 |
| Blended Fair Value | $36.86 | |
| Current Price | $17.57 | |
| Upside | 109.78% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.24% | 19.97% | 0.88 | 0.89 | 0.82 | 0.77 | 0.74 | 0.59 | 0.51 | 0.33 | 0.22 | 0.15 |
| YoY Growth | - | - | -0.77% | 7.92% | 6.74% | 3.71% | 25.34% | 15.82% | 53.29% | 52.87% | 45.13% | 5.48% |
| Dividend Yield | - | - | 5.18% | 5.61% | 4.45% | 3.83% | 3.10% | 3.73% | 2.12% | 1.25% | 0.77% | 0.85% |
| Net Income To Common (M) | 79.79 |
| (-) Cash Dividends Paid (M) | 49.45 |
| (=) Cash Retained (M) | 30.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15.96 | 9.97 | 5.98 |
| Cash Retained (M) | 30.34 | 30.34 | 30.34 |
| (-) Cash Required (M) | -15.96 | -9.97 | -5.98 |
| (=) Excess Retained (M) | 14.38 | 20.37 | 24.36 |
| (/) Shares Outstanding (M) | 57.77 | 57.77 | 57.77 |
| (=) Excess Retained per Share | 0.25 | 0.35 | 0.42 |
| LTM Dividend per Share | 0.86 | 0.86 | 0.86 |
| (+) Excess Retained per Share | 0.25 | 0.35 | 0.42 |
| (=) Adjusted Dividend | 1.10 | 1.21 | 1.28 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $32.40 | $49.54 | $85.94 |
| Upside / Downside | 84.40% | 181.96% | 389.15% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 79.79 | 84.98 | 90.50 | 96.39 | 102.65 | 109.32 | 112.60 |
| Payout Ratio | 61.98% | 67.58% | 73.19% | 78.79% | 84.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 49.45 | 57.43 | 66.24 | 75.94 | 86.63 | 98.39 | 104.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 52.15 | 52.64 | 53.14 |
| Year 2 PV (M) | 54.61 | 55.65 | 56.70 |
| Year 3 PV (M) | 56.85 | 58.48 | 60.15 |
| Year 4 PV (M) | 58.89 | 61.15 | 63.48 |
| Year 5 PV (M) | 60.73 | 63.66 | 66.71 |
| PV of Terminal Value (M) | 1,054.24 | 1,105.16 | 1,158.03 |
| Equity Value (M) | 1,337.47 | 1,396.75 | 1,458.20 |
| Shares Outstanding (M) | 57.77 | 57.77 | 57.77 |
| Fair Value | $23.15 | $24.18 | $25.24 |
| Upside / Downside | 31.76% | 37.60% | 43.65% |
| 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% |