Definitive Analysis
| Stable Growth | $23.96 - $63.56 | $36.64 |
| Multi-Stage | $17.02 - $18.57 | $17.78 |
| Blended Fair Value | $27.21 | |
| Current Price | $5.98 | |
| Upside | 355.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.89% | 53.03% | 1.11 | 4.63 | 3.92 | 11.39 | 1.27 | 1.35 | 0.74 | 0.55 | 0.18 | 0.17 |
| YoY Growth | - | - | -76.09% | 18.12% | -65.59% | 794.86% | -5.70% | 81.35% | 35.39% | 214.12% | 2.20% | 989.56% |
| Dividend Yield | - | - | 28.60% | 20.60% | 13.80% | 16.28% | 2.26% | 7.33% | 4.38% | 2.82% | 1.17% | 1.63% |
| Net Income To Common (M) | 31.13 |
| (-) Cash Dividends Paid (M) | 17.72 |
| (=) Cash Retained (M) | 13.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.23 | 3.89 | 2.33 |
| Cash Retained (M) | 13.42 | 13.42 | 13.42 |
| (-) Cash Required (M) | -6.23 | -3.89 | -2.33 |
| (=) Excess Retained (M) | 7.19 | 9.52 | 11.08 |
| (/) Shares Outstanding (M) | 30.48 | 30.48 | 30.48 |
| (=) Excess Retained per Share | 0.24 | 0.31 | 0.36 |
| LTM Dividend per Share | 0.58 | 0.58 | 0.58 |
| (+) Excess Retained per Share | 0.24 | 0.31 | 0.36 |
| (=) Adjusted Dividend | 0.82 | 0.89 | 0.94 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $23.96 | $36.64 | $63.56 |
| Upside / Downside | 300.68% | 512.68% | 962.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 31.13 | 33.16 | 35.31 | 37.61 | 40.05 | 42.65 | 43.93 |
| Payout Ratio | 56.91% | 63.53% | 70.14% | 76.76% | 83.38% | 90.00% | 92.50% |
| Projected Dividends (M) | 17.72 | 21.06 | 24.77 | 28.87 | 33.40 | 38.39 | 40.64 |
| 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) | 19.13 | 19.31 | 19.49 |
| Year 2 PV (M) | 20.42 | 20.81 | 21.20 |
| Year 3 PV (M) | 21.61 | 22.23 | 22.86 |
| Year 4 PV (M) | 22.70 | 23.57 | 24.47 |
| Year 5 PV (M) | 23.69 | 24.84 | 26.03 |
| PV of Terminal Value (M) | 411.33 | 431.20 | 451.83 |
| Equity Value (M) | 518.88 | 541.96 | 565.88 |
| Shares Outstanding (M) | 30.48 | 30.48 | 30.48 |
| Fair Value | $17.02 | $17.78 | $18.57 |
| Upside / Downside | 184.68% | 197.34% | 210.47% |
| 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% |