Definitive Analysis
| Stable Growth | $97.53 - $386.53 | $265.68 |
| Multi-Stage | $60.11 - $65.74 | $62.87 |
| Blended Fair Value | $164.28 | |
| Current Price | $34.50 | |
| Upside | 376.16% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.72% | 6.64% | 1.68 | 1.28 | 1.93 | 1.29 | 1.30 | 1.27 | 1.36 | 1.31 | 1.10 | 0.91 |
| YoY Growth | - | - | 31.17% | -33.59% | 49.10% | -0.37% | 2.04% | -6.66% | 3.85% | 19.55% | 20.16% | 3.39% |
| Dividend Yield | - | - | 6.26% | 3.77% | 4.85% | 2.55% | 1.87% | 3.27% | 3.54% | 4.19% | 4.21% | 4.35% |
| Net Income To Common (M) | 22.37 |
| (-) Cash Dividends Paid (M) | 18.53 |
| (=) Cash Retained (M) | 3.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4.47 | 2.80 | 1.68 |
| Cash Retained (M) | 3.84 | 3.84 | 3.84 |
| (-) Cash Required (M) | -4.47 | -2.80 | -1.68 |
| (=) Excess Retained (M) | -0.64 | 1.04 | 2.16 |
| (/) Shares Outstanding (M) | 11.42 | 11.42 | 11.42 |
| (=) Excess Retained per Share | -0.06 | 0.09 | 0.19 |
| LTM Dividend per Share | 1.62 | 1.62 | 1.62 |
| (+) Excess Retained per Share | -0.06 | 0.09 | 0.19 |
| (=) Adjusted Dividend | 1.57 | 1.71 | 1.81 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 4.64% | 5.64% | 6.64% |
| Fair Value | $97.53 | $265.68 | $386.53 |
| Upside / Downside | 182.70% | 670.08% | 1,020.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 22.37 | 23.63 | 24.96 | 26.37 | 27.86 | 29.43 | 30.31 |
| Payout Ratio | 82.84% | 84.28% | 85.71% | 87.14% | 88.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 18.53 | 19.92 | 21.40 | 22.98 | 24.67 | 26.48 | 28.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 4.64% | 5.64% | 6.64% |
| Year 1 PV (M) | 18.56 | 18.73 | 18.91 |
| Year 2 PV (M) | 18.57 | 18.93 | 19.29 |
| Year 3 PV (M) | 18.58 | 19.12 | 19.67 |
| Year 4 PV (M) | 18.59 | 19.31 | 20.05 |
| Year 5 PV (M) | 18.59 | 19.50 | 20.44 |
| PV of Terminal Value (M) | 593.39 | 622.30 | 652.32 |
| Equity Value (M) | 686.29 | 717.89 | 750.68 |
| Shares Outstanding (M) | 11.42 | 11.42 | 11.42 |
| Fair Value | $60.11 | $62.87 | $65.74 |
| Upside / Downside | 74.22% | 82.24% | 90.56% |
| 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% |