Definitive Analysis
| Stable Growth | $48.57 - $128.85 | $74.27 |
| Multi-Stage | $34.24 - $37.36 | $35.77 |
| Blended Fair Value | $55.02 | |
| Current Price | $22.33 | |
| Upside | 146.41% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.93% | 0.00% | 0.97 | 0.94 | 0.89 | 0.70 | 0.57 | 0.44 | 0.25 | 0.04 | 0.00 | 0.00 |
| YoY Growth | - | - | 3.90% | 4.91% | 26.98% | 22.44% | 29.00% | 79.82% | 531.51% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.96% | 4.34% | 4.24% | 2.59% | 3.40% | 3.98% | 1.47% | 0.23% | 0.00% | 0.00% |
| Net Income To Common (M) | 92.81 |
| (-) Cash Dividends Paid (M) | 46.35 |
| (=) Cash Retained (M) | 46.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18.56 | 11.60 | 6.96 |
| Cash Retained (M) | 46.46 | 46.46 | 46.46 |
| (-) Cash Required (M) | -18.56 | -11.60 | -6.96 |
| (=) Excess Retained (M) | 27.89 | 34.85 | 39.49 |
| (/) Shares Outstanding (M) | 44.82 | 44.82 | 44.82 |
| (=) Excess Retained per Share | 0.62 | 0.78 | 0.88 |
| LTM Dividend per Share | 1.03 | 1.03 | 1.03 |
| (+) Excess Retained per Share | 0.62 | 0.78 | 0.88 |
| (=) Adjusted Dividend | 1.66 | 1.81 | 1.92 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $48.57 | $74.27 | $128.85 |
| Upside / Downside | 117.53% | 232.62% | 477.04% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 92.81 | 98.84 | 105.26 | 112.10 | 119.39 | 127.15 | 130.97 |
| Payout Ratio | 49.94% | 57.95% | 65.97% | 73.98% | 81.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 46.35 | 57.28 | 69.44 | 82.93 | 97.89 | 114.44 | 121.14 |
| 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) | 52.01 | 52.50 | 53.00 |
| Year 2 PV (M) | 57.25 | 58.34 | 59.44 |
| Year 3 PV (M) | 62.08 | 63.87 | 65.68 |
| Year 4 PV (M) | 66.54 | 69.10 | 71.73 |
| Year 5 PV (M) | 70.63 | 74.04 | 77.58 |
| PV of Terminal Value (M) | 1,226.14 | 1,285.37 | 1,346.86 |
| Equity Value (M) | 1,534.65 | 1,603.21 | 1,674.29 |
| Shares Outstanding (M) | 44.82 | 44.82 | 44.82 |
| Fair Value | $34.24 | $35.77 | $37.36 |
| Upside / Downside | 53.35% | 60.20% | 67.30% |
| 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% |