Definitive Analysis
| Stable Growth | $62.04 - $127.07 | $86.97 |
| Multi-Stage | $52.67 - $57.64 | $55.11 |
| Blended Fair Value | $71.04 | |
| Current Price | $55.39 | |
| Upside | 28.26% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.61% | 4.81% | 0.57 | 0.53 | 0.51 | 0.50 | 0.49 | 0.48 | 0.45 | 0.42 | 0.40 | 0.38 |
| YoY Growth | - | - | 7.55% | 5.02% | 0.76% | 2.57% | 2.30% | 5.62% | 6.84% | 5.13% | 5.82% | 6.73% |
| Dividend Yield | - | - | 1.03% | 1.57% | 1.77% | 3.41% | 2.80% | 2.81% | 2.59% | 2.75% | 1.92% | 2.26% |
| Net Income To Common (M) | 51.30 |
| (-) Cash Dividends Paid (M) | 6.30 |
| (=) Cash Retained (M) | 45.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 10.26 | 6.41 | 3.85 |
| Cash Retained (M) | 45.00 | 45.00 | 45.00 |
| (-) Cash Required (M) | -10.26 | -6.41 | -3.85 |
| (=) Excess Retained (M) | 34.74 | 38.59 | 41.15 |
| (/) Shares Outstanding (M) | 14.66 | 14.66 | 14.66 |
| (=) Excess Retained per Share | 2.37 | 2.63 | 2.81 |
| LTM Dividend per Share | 0.43 | 0.43 | 0.43 |
| (+) Excess Retained per Share | 2.37 | 2.63 | 2.81 |
| (=) Adjusted Dividend | 2.80 | 3.06 | 3.24 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.39% | 5.39% | 6.39% |
| Fair Value | $62.04 | $86.97 | $127.07 |
| Upside / Downside | 12.00% | 57.02% | 129.41% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 51.30 | 54.06 | 56.98 | 60.05 | 63.28 | 66.69 | 68.69 |
| Payout Ratio | 12.28% | 27.82% | 43.37% | 58.91% | 74.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 6.30 | 15.04 | 24.71 | 35.37 | 47.12 | 60.02 | 63.54 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.39% | 5.39% | 6.39% |
| Year 1 PV (M) | 13.66 | 13.79 | 13.92 |
| Year 2 PV (M) | 20.37 | 20.76 | 21.16 |
| Year 3 PV (M) | 26.47 | 27.24 | 28.02 |
| Year 4 PV (M) | 32.01 | 33.26 | 34.54 |
| Year 5 PV (M) | 37.03 | 38.84 | 40.71 |
| PV of Terminal Value (M) | 642.79 | 674.18 | 706.77 |
| Equity Value (M) | 772.33 | 808.06 | 845.12 |
| Shares Outstanding (M) | 14.66 | 14.66 | 14.66 |
| Fair Value | $52.67 | $55.11 | $57.64 |
| Upside / Downside | -4.90% | -0.50% | 4.06% |
| 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% |