Definitive Analysis
| Stable Growth | $88.63 - $235.11 | $135.52 |
| Multi-Stage | $60.79 - $66.41 | $63.55 |
| Blended Fair Value | $99.54 | |
| Current Price | $33.98 | |
| Upside | 192.93% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.46% | 0.00% | 0.68 | 0.44 | 0.43 | 0.43 | 0.39 | 0.32 | 0.23 | 0.18 | 0.15 | 0.09 |
| YoY Growth | - | - | 55.30% | 2.67% | -0.19% | 8.80% | 23.74% | 40.57% | 25.43% | 20.36% | 59.06% | 0.00% |
| Dividend Yield | - | - | 2.27% | 1.68% | 2.15% | 1.87% | 1.77% | 2.31% | 1.21% | 0.75% | 0.67% | 0.54% |
| Net Income To Common (M) | 73.05 |
| (-) Cash Dividends Paid (M) | 19.03 |
| (=) Cash Retained (M) | 54.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14.61 | 9.13 | 5.48 |
| Cash Retained (M) | 54.02 | 54.02 | 54.02 |
| (-) Cash Required (M) | -14.61 | -9.13 | -5.48 |
| (=) Excess Retained (M) | 39.41 | 44.89 | 48.54 |
| (/) Shares Outstanding (M) | 19.33 | 19.33 | 19.33 |
| (=) Excess Retained per Share | 2.04 | 2.32 | 2.51 |
| LTM Dividend per Share | 0.98 | 0.98 | 0.98 |
| (+) Excess Retained per Share | 2.04 | 2.32 | 2.51 |
| (=) Adjusted Dividend | 3.02 | 3.31 | 3.49 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $88.63 | $135.52 | $235.11 |
| Upside / Downside | 160.83% | 298.83% | 591.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 73.05 | 77.80 | 82.85 | 88.24 | 93.97 | 100.08 | 103.08 |
| Payout Ratio | 26.05% | 38.84% | 51.63% | 64.42% | 77.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 19.03 | 30.21 | 42.78 | 56.84 | 72.56 | 90.07 | 95.35 |
| 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) | 27.43 | 27.69 | 27.95 |
| Year 2 PV (M) | 35.27 | 35.94 | 36.62 |
| Year 3 PV (M) | 42.55 | 43.77 | 45.02 |
| Year 4 PV (M) | 49.32 | 51.22 | 53.17 |
| Year 5 PV (M) | 55.59 | 58.28 | 61.07 |
| PV of Terminal Value (M) | 965.11 | 1,011.73 | 1,060.13 |
| Equity Value (M) | 1,175.28 | 1,228.63 | 1,283.95 |
| Shares Outstanding (M) | 19.33 | 19.33 | 19.33 |
| Fair Value | $60.79 | $63.55 | $66.41 |
| Upside / Downside | 78.90% | 87.02% | 95.44% |
| 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% |