Definitive Analysis
| Stable Growth | $53.99 - $255.06 | $95.43 |
| Multi-Stage | $32.88 - $35.94 | $34.38 |
| Blended Fair Value | $64.91 | |
| Current Price | $16.41 | |
| Upside | 295.54% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.53% | 0.00% | 0.48 | 0.38 | 0.29 | 0.20 | 0.18 | 0.16 | 0.12 | 0.08 | 0.05 | 0.02 |
| YoY Growth | - | - | 25.76% | 33.61% | 44.24% | 11.04% | 11.28% | 31.09% | 46.20% | 57.54% | 250.00% | 0.00% |
| Dividend Yield | - | - | 3.54% | 3.44% | 2.00% | 0.97% | 1.05% | 1.48% | 0.81% | 0.44% | 0.32% | 0.13% |
| Net Income To Common (M) | 56.90 |
| (-) Cash Dividends Paid (M) | 16.09 |
| (=) Cash Retained (M) | 40.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11.38 | 7.11 | 4.27 |
| Cash Retained (M) | 40.81 | 40.81 | 40.81 |
| (-) Cash Required (M) | -11.38 | -7.11 | -4.27 |
| (=) Excess Retained (M) | 29.43 | 33.70 | 36.54 |
| (/) Shares Outstanding (M) | 33.38 | 33.38 | 33.38 |
| (=) Excess Retained per Share | 0.88 | 1.01 | 1.09 |
| LTM Dividend per Share | 0.48 | 0.48 | 0.48 |
| (+) Excess Retained per Share | 0.88 | 1.01 | 1.09 |
| (=) Adjusted Dividend | 1.36 | 1.49 | 1.58 |
| WACC / Discount Rate | 8.16% | 8.16% | 8.16% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $53.99 | $95.43 | $255.06 |
| Upside / Downside | 229.03% | 481.54% | 1,454.28% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56.90 | 60.60 | 64.54 | 68.73 | 73.20 | 77.96 | 80.30 |
| Payout Ratio | 28.28% | 40.62% | 52.97% | 65.31% | 77.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 16.09 | 24.62 | 34.19 | 44.89 | 56.85 | 70.16 | 74.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.16% | 8.16% | 8.16% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 22.55 | 22.76 | 22.97 |
| Year 2 PV (M) | 28.67 | 29.22 | 29.77 |
| Year 3 PV (M) | 34.48 | 35.47 | 36.48 |
| Year 4 PV (M) | 39.99 | 41.53 | 43.11 |
| Year 5 PV (M) | 45.21 | 47.39 | 49.66 |
| PV of Terminal Value (M) | 926.62 | 971.37 | 1,017.84 |
| Equity Value (M) | 1,097.52 | 1,147.75 | 1,199.84 |
| Shares Outstanding (M) | 33.38 | 33.38 | 33.38 |
| Fair Value | $32.88 | $34.38 | $35.94 |
| Upside / Downside | 100.36% | 109.53% | 119.04% |
| 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% |