Definitive Analysis
| Stable Growth | $34.77 - $92.23 | $53.16 |
| Multi-Stage | $23.57 - $25.76 | $24.64 |
| Blended Fair Value | $38.90 | |
| Current Price | $17.29 | |
| Upside | 125.00% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 51.10% | 0.00% | 0.20 | 0.19 | 0.19 | 0.10 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.00 |
| YoY Growth | - | - | 5.22% | 0.78% | 92.48% | 288.87% | -0.75% | 0.50% | 0.42% | 33.33% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.19% | 1.39% | 1.32% | 0.67% | 0.19% | 0.36% | 0.20% | 0.18% | 0.17% | 0.00% |
| Net Income To Common (M) | 70.63 |
| (-) Cash Dividends Paid (M) | 11.24 |
| (=) Cash Retained (M) | 59.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14.13 | 8.83 | 5.30 |
| Cash Retained (M) | 59.39 | 59.39 | 59.39 |
| (-) Cash Required (M) | -14.13 | -8.83 | -5.30 |
| (=) Excess Retained (M) | 45.26 | 50.56 | 54.09 |
| (/) Shares Outstanding (M) | 47.66 | 47.66 | 47.66 |
| (=) Excess Retained per Share | 0.95 | 1.06 | 1.14 |
| LTM Dividend per Share | 0.24 | 0.24 | 0.24 |
| (+) Excess Retained per Share | 0.95 | 1.06 | 1.14 |
| (=) Adjusted Dividend | 1.19 | 1.30 | 1.37 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $34.77 | $53.16 | $92.23 |
| Upside / Downside | 101.08% | 207.48% | 433.42% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 70.63 | 75.22 | 80.11 | 85.32 | 90.87 | 96.77 | 99.68 |
| Payout Ratio | 15.92% | 30.73% | 45.55% | 60.37% | 75.18% | 90.00% | 92.50% |
| Projected Dividends (M) | 11.24 | 23.12 | 36.49 | 51.51 | 68.32 | 87.10 | 92.20 |
| 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) | 20.99 | 21.19 | 21.39 |
| Year 2 PV (M) | 30.09 | 30.66 | 31.24 |
| Year 3 PV (M) | 38.56 | 39.66 | 40.79 |
| Year 4 PV (M) | 46.44 | 48.22 | 50.06 |
| Year 5 PV (M) | 53.76 | 56.35 | 59.05 |
| PV of Terminal Value (M) | 933.21 | 978.28 | 1,025.08 |
| Equity Value (M) | 1,123.04 | 1,174.37 | 1,227.61 |
| Shares Outstanding (M) | 47.66 | 47.66 | 47.66 |
| Fair Value | $23.57 | $24.64 | $25.76 |
| Upside / Downside | 36.30% | 42.53% | 48.99% |
| 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% |